April 25 (SeeNews) - UK-based mining company Vast Resources said on Tuesday that it has started gold and silver test production ahead of schedule at its Manaila polymetallic mine in Romania, providing the company with a third revenue stream.
Vast is targeting a steady state production of 30 tonnes per month of silver and gold concentrate from May 2017 onward, it said in a press release.
“The production profile of our Manaila Mine continues to improve as we target higher tonnages, higher grade copper and zinc concentrates and now a third revenue stream in the form of a gold/silver concentrate. Commercial production of this concentrate will directly enhance Manaila's financial performance and I look forward to presenting our next quarterly production report with this in mind," CEO Roy Pitchford said.
Vast Resources holds a 50.1% interest in Sinarom Mining Group, the owner of the Manaila mine. In March, Vast announced that it would acquire the remaining 49.9% of Sinarom from Chinese businessman Ni Jin Ming for $1.13 million (1.05 million euro) by for his shares in two stages: $400,000 by March 31, and a further $735,000 on April 30.
Besides Manaila, Vast holds the Baita Plai polymetallic mine in Romania, where work is currently underway towards obtaining the relevant permissions to start developing and ultimately commissioning the mine.
Vast Resources, formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds. It also owns a gold mine in Zimbabwe.
($=0.9184 euro)