ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

VAST Vast Resources Plc

0.34
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Vast Resources Plc LSE:VAST London Ordinary Share GB00BQ7WTT20 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.34 0.33 0.35 0.34 0.34 0.34 22,645,527 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Nonmtl Minrl Svcs, Ex Fuels 3.72M -10.51M -0.0024 -1.42 14.78M

Vast Resources plc Quarterly Production Summary & Operations Update

18/11/2016 11:00am

UK Regulatory


 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   18 November 2016 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Quarterly Production Summary & Operations Update 
 
   Vast Resources plc, the AIM listed mining company with operations in 
Romania and Zimbabwe, is pleased to report an operational update and 
production summary for the three months ended 30 September 2016. 
 
   Overview: 
 
   Manaila Polymetallic Mine ("Manaila") in Romania 
 
   (commissioned on 14 August 2015, Vast Ownership 50.1%.): 
 
 
 
 
   -- 13% increase in ore mined to 27,848 tonnes (June 2016: 24, 711 tonnes) - 
      the increase was achieved despite operations being adversely impacted by 
      heavy flooding of both excavation work and transport routes in July 
 
   -- 9% decrease in ore milled to 27,274 (June 2016: 29,830) due to on-going 
      test work to produce a separate zinc concentrate and modifications to the 
      flotation circuits 
 
   -- 15% decrease in concentrate produced to 616 tonnes (June 2016: 727 
      tonnes) due to temporary lower grade as a consequence of flooding, and 
      on-going test work to produce a separate zinc concentrate 
 
   -- 19% increase in sales price of US$1,003 per tonne achieved (June 2016); 
      sales prices rose steadily from US$896 in July to US$1,248 in September 
 
   -- Operating costs were maintained at the same level of US$33 per tonne 
      milled (June 2016: US$33), but increased by 12% to US$1,504 per tonne of 
      concentrate produced (June 2016: US$1,341) 
 
          -- The increase was occasioned by low concentrate production in July, 
             high usage of consumables in establishing and testing the new zinc 
             / lead line and high on-going upgrades to the milling and 
             flotation circuit 
 
 
   -- Separate zinc concentrate line successfully commissioned during the 
      quarter ended September 2016 creating a new revenue stream for the 
      Company 
 
 
   -- 
 
          -- During the current quarter the zinc concentrate grade has 
             continued to improve 
 
          -- Zinc production with concentrates >45% Zn will favourably impact 
             sales revenue in future quarters 
 
   -- Optimisation to increase plant efficiencies has resulted in improved mass 
      pull and copper concentrate grades. Processing specialists Minxcon Group 
      ("Minxcon") are currently engaged to further enhance the quantity and 
      quality of the zinc concentrate and reduce operational costs 
 
   -- During the current quarter, copper concentrate quantity and quality has 
      continued to improve. The zinc concentrate grade has also continued to 
      improve and is now close to the planned grade and the focus of attention 
      is on the recovery and quantity of zinc concentrate 
 
 
   -- Maiden JORC Compliant Mineral Resource Report published, which increased 
      the open-pittable estimated resources under the previous Russian 
      classification by approximately eight times - thus securing a much 
      enhanced open pit mine life: 
 
          -- Total open pit Mineral Resource (Indicated & Inferred) of 2.6Mt at 
             a grade of 1.0% copper ("Cu"), 0.4% lead ("Pb") and 0.9% zinc 
             ("Zn") at a 0.25% Cu cut-off 
 
          -- Total underground Mineral Resource (Indicated & Inferred) of 
             310,000t at a grade of 1.7% Cu, 0.4% Pb and 0.5% Zn at a 1.00% Cu 
             cut-off 
 
          -- Exploration Target defined for: 
 
                 -- Open pit of 4.45Mt-11.88Mt with grades up to 2.3% Cu, 0.5% 
                    Pb and 1.1% Zn 
 
                 -- Underground of 5.92Mt-15.78Mt with grades up to 2.6% Cu, 
                    2.0% Pb and 2.6% Zn 
 
          -- Current JORC compliant Mineral Resources does not include gold and 
             silver mineralisation 
 
   Baita Plai Polymetallic Mine ("Baita Plai") and Faneata Tailings 
Facility ("Faneata") in Romania 
 
   (Vast Ownership 80%): 
 
 
 
 
   -- Prospecting licence granted in May 2016 over the estimated 4.6Mt Faneata 
      tailings dam located 7km from Baita Plai 
 
   -- Completed 825m drill programme at Faneata in November 2016 - results to 
      support a maiden JORC Compliant Resource Estimate (Q1 2017) 
 
   -- Initial metallurgical test work is expected to take 8-12 weeks to 
      complete 
 
 
   -- Plant commissioning anticipated during H2 2017 dependent on a mineral 
      reserve and a viable processing method being defined 
 
   -- Continued progress towards obtaining the mining sub-licence for Baita 
      Plai (the "Baita Plai Licence") in accordance with Romanian due process 
      has been made post the merger announced 30 November 2015 - the granting 
      of this mining-licence will allow for commissioning of the Company's 
      third mine 
 
 
   -- Once the Baita Plai Licence has been granted, the Company will undertake 
      metallurgical test work on the Baita Plai ore in order to optimise the 
      plant configuration. Ore samples will be tested at SGS (UK) in order to 
      optimise the process flow sheet. During this process the plant will be 
      refurbished 
 
   Pickstone-Peerless Gold Mine ("Pickstone-Peerless") in Zimbabwe 
 
   (commissioned on 20 August 2015, Vast ownership 50%): 
 
 
 
 
   -- 6% increase in ore milled to 65,573 tonnes (June 2016: 61,577 tonnes) 
 
   -- 8% increase in gold production to 4,910 ounces (June 2016: 4,542 ounces) 
 
   -- During the quarter ended September 2016 the plant consistently exceeded 
      20,000 tonnes per month and is now currently running at steady state at 
      this level 
 
   -- At the end of September 2016 Pickstone-Peerless had US$2.3 million on 
      deposit with banks and institutions of which 50% is attributable to Vast. 
      Cash will remain in Zimbabwe to fund sulphide plant CAPEX. 
 
   -- Design of the Pickstone-Peerless sulphide processing plant required for 
      the next phase of mining, once oxide resources are depleted, has been 
      completed and construction of the new plant has commenced with first 
      sulphide production scheduled for Q3 2017 (calendar year) 
 
   -- Total cost of the sulphide plant is estimated at US$8.0m and planned to 
      be funded by retained cash flows and local debt facilities 
 
   -- Evaluation of the nearby Giant Gold Mine ("Giant Mine"), which has a 
      current JORC-compliant inferred resource of 500,000oz of gold, has 
      commenced 
 
   -- A Joint Venture agreement for a toll treatment plant to recover gold from 
      nearby artisanal mining tonnages has been concluded and construction has 
      commenced 
 
 
   Roy Pitchford, Chief Executive of Vast, commented: 
 
   "The continued improvement at Pickstone-Peerless and Manaila is 
encouraging. With significant optimisation work successfully concluded 
at Manaila where a second revenue stream is now coming online with the 
commissioning of the zinc concentrate line in addition to the copper 
concentrate, the progress towards Manaila becoming cash positive is 
evident. 
 
   "Completion of the drilling at Faneata ahead of schedule will enable the 
analysis of the material to commence immediately and we expect the 
results to support a maiden JORC Compliant Resource Estimate in Q1 2017. 
The limited capital expenditure at Baita Plai has significantly reduced 
the care and maintenance costs and forms part of the capital cost of 
reopening the mine. Close liaison with the relevant authorities in 
Romania regarding the Baita Plai Licence continues." 
 
   MPM September 2016 Quarterly Production Summary 
 
 
 
 
Manaila           Units             Sept'16 Quarter  June'16 Quarter  % Change 
Ore mined         Tonnes                     27,848           24,711       13% 
Waste mined       Tonnes                    117,558          125,357       -6% 
Stripping ratio   Times                         4.2              5.1 
Ore milled        Tonnes                     27,274           29,830       -9% 
Concentrate 
 produced - Cu    Dry tonnes                    616              727      -15% 
Concentrate sold 
 - Cu             Dry tonnes                    960              461      108% 
Concentrate in 
 stock at period 
 end - Cu         Dry tonnes                      0              344 
Concentrate 
 produced - Zn    Dry tonnes                     35                0 
Concentrate in 
 stock at period 
 end - Zn         Dry tonnes                     35                0 
 
Cash costs*       (US$/t milled)                 33               33        0% 
Cash costs**      (US$/t of conc)              1504             1341       12% 
Average sales 
 price 
 achieved*        (US$/t of conc)              1003              844       19% 
* excluding royalty of 4%. 
** Flooding in July 2016 increased production costs 
 and temporarily reduced the grade fed to the mill 
 
Cash costs for August and September reduced by 33% 
 (approx. US$1063 per tonne), and an improvement in 
 quality of the concentrate increased the average price 
 per tonne of concentrate to US$ 1,214 
 
 
 
   PPGM September 2016 Quarterly Production Summary & Operations Update 
 
 
 
 
                                         Sept'16         June'16 
Pickstone-Peerless   Units               Quarter         Quarter      % Change 
Ore mined            Tonnes                   69,500          83,035      -16% 
Waste and low-grade 
 ore mined           Tonnes                  497,840         470,607        6% 
Stripping ratio      Times                       7.2             5.7 
Ore milled           Tonnes                   65,573          61,577        6% 
Gold produced        Ounces                    4,910           4,542        8% 
Gold sold            Ounces                    5,025           4,021       25% 
Gold in stock at 
 period end          Ounces                      962           1,078 
 
Cash costs*          (US$/t milled)               51              51        0% 
Cash costs*          (US$/oz Au)                 686             695       -1% 
Average sales price 
 achieved*           (US$/oz Au)                1338            1229        9% 
 
   Competent Person's Review: 
 
   This announcement has been reviewed by Mr Craig Harvey, Group Chief 
Geologist at Vast, and a member of the Geological Society of South 
Africa and the Australian Institute of Geoscientists. Mr Harvey meets 
the definition of a "qualified person" as defined in the AIM Note for 
Mining, Oil and Gas Companies. 
 
   For further information visit www.vastresourcesplc.com or please 
contact: 
 
 
 
 
Vast Resources plc 
 Roy Pitchford (Chief Executive Officer)                 +40 (0) 372 988 988 - Office Romania 
                                                         +40 (0) 741 111 900 - Mobile Romania 
                                                         +44 (0) 7793 909985 - Mobile UK 
Strand Hanson Limited - Financial & Nominated Adviser  www.strandhanson.co.uk 
 James Spinney                                          +44 (0) 20 7409 3494 
 James Bellman 
Brandon Hill Capital Ltd - Joint Broker                www.brandonhillcapital.com 
 Jonathan Evans                                         +44 (0)20 3463 5016 
Peterhouse Corporate Finance Ltd - Joint Broker        www.pcorpfin.com 
 Duncan Vasey                                           +44 (0) 20 7469 0936 
St Brides Partners Ltd                                 www.stbridespartners.co.uk 
 Susie Geliher                                          +44 (0) 20 7236 1177 
 Charlotte Page 
 
 
   The information contained within this announcement is deemed by the 
Company to constitute inside information as stipulated under the Market 
Abuse Regulations (EU) No. 596/2014 ("MAR"). 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Vast Resources plc via Globenewswire 
 
 
  http://www.acrplc.com/ 
 

(END) Dow Jones Newswires

November 18, 2016 06:00 ET (11:00 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

1 Year Vast Resources Chart

1 Year Vast Resources Chart

1 Month Vast Resources Chart

1 Month Vast Resources Chart

Your Recent History

Delayed Upgrade Clock