BUCHAREST (Romania), August 1 (SeeNews) - UK-based Vast Resources said on Monday that it it will commence molybdenum concentrate production at its Baita Plai polymetallic mine in Romania this month.
Vast Resources will report on quarterly molybdenum production at the Baita Plai polymetallic mine as part of its quarterly production reporting, it said in a press release.
The company announced in May that it has installed and commissioned a molybdenum flotation line at Baita Plai.
Following the announcement, Vast's shares were trading up 17.97% at 0.76 pence (0.93/ 0.91 euro) as at 1426 CET on Monday on the London Stock Exchange.
Vast Resources is active in both Romania and Zimbabwe. Its Romanian portfolio includes 100% interest in the producing Baita Plai polymetallic mine, located in the Apuseni Mountains, Transylvania. Vast also owns the Manaila polymetallic mine in Romania commissioned in 2015, currently on care and maintenance.
At the end of July, Vast Resources said it has doubled the ore milling capacity at the processing plant within Baita Plai by commissioning a second milling circuit six weeks ahead of schedule. The second milling circuit further optimises the operations at the mine and doubles milling capacity at the plant to 14,000 tonnes of ore per month, the company also said at the time.
(1 GBP=1.1939 euro)