BUCHAREST (Romania), June 27 (SeeNews) - UK-based Vast Resources said on Monday that it has doubled the ore milling capacity at the processing plant within its Baita Plai polymetallic mine in Romania by commissioning a second milling circuit six weeks ahead of schedule.
The second milling circuit further optimises the operations at Baita Plai and doubles milling capacity at the plant to 14,000 tonnes of ore per month, Vast Resources said in a press release.
"Our mining volumes are steadily increasing, and are expected to increase dramatically with the implementation and ramp up of long hole stope mining commencing from next month," Vast Resources CEO Andrew Prelea said. "Our operations at Baita Plai are ramping up encouragingly and I am confident that this will be reflected in our future production and sales reports."
Earlier this month, Vast Resources announced that its second Mantis CMR4 production drilling rig has been delivered to site at the Baita Plai mine. With the two new Mantis drills on-site and the transition to mechanised mining, together with the implementation of long hole stope mining, significantly increased production output is expected from the end of the second quarter onwards, the company said at the time.
Vast's gross revenues from the Baita Plai polymetallic mine in Romania fell to $620,638 (588,446 euro) in the first quarter of this year compared to $970,465 in the last quarter of 2021. The company explained in May that it operates with limited financial resources, but is currently in the process of refinancing a bond facility, as it continues to arrange concentrate sales from Baita Plai. Despite lower revenues, the amount of milled ore at Baita Plai mine increased by a quarterly 24.2% during January-March, while dry-metric-ton production rose 16.8% quarter-on-quarter.
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, which was commissioned in 2015, currently on care and maintenance.
In April, Vast Resources raised 420,000 British pounds ($516,652/489,854 euro) through a subscription by existing individual shareholders, which it is using to buy equipment for Baita Plai mine.