JOHANNESBURG (miningweekly.com) – Aim-quoted Vast Resources is eyeing maiden positive cash flow from its emerging Pickstone-Peerless gold mine, in Zimbabwe, in the second half of 2015, as the joint venture is advanced.

The emerging midtier, multicommodity, multijurisdictional development and mining company, formerly known as African Consolidated Resources, was jointly developing the project with Grayfox Investments through a co-owned operating company.

“Progress in developing Pickstone-Peerless towards commercial production continues and the board looks forward to producing maiden revenues from the mine in the latter half of 2015,” Vast said in an update to shareholders on Tuesday.

With all the regulatory requirements in place, including a mining permit and environmental approval, the partners have mobilised staff and equipment to the site.

The majority of the required senior and middle management personnel were in place, along with a significant number of the operational staff.

Further, the preparation of the opencast mine was under way, with the mining fleet on site, while a mining contractor had been deployed to establish the required facilities.

Pit preparation would be undertaken during this month and a one-month ore stockpile would be created in June, ready for hot commissioning and first production in August.

Grade control drilling had started at the mine and was expected to deliver between 10 000 oz/y and 12 000 oz/y of gold initially.

Meanwhile, the refurbishment of the existing carbon-in-pulp / carbon-in-leach facilities and the civil engineering for the new facilities were 70% complete.

“The new mill and crusher from China has arrived in Durban, South Africa, and is en-route by road to the mine. Equipment being sourced in South Africa is in construction and will be available when required for installation,” Vast Resources noted, pointing out that the refurbishment or fabrication of equipment in Zimbabwe was progressing well.