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Vast to commission second mill at Romania mine

23rd October 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources plans to commission a second mill at its Manaila polymetallic mine, in Romania, to raise production to 20 000 t/m.

After reaching the initial planned production target of 10 000 t/m, the group now aimed to unlock increased output to meet the plant’s design capacity earlier than anticipated.

“The resulting additional production is expected to yield further positive cash flow and provide additional working capital for the company's other activities,” CEO Roy Pitchford said in an update to shareholders.

Vast, which reported the successful renewal of the mining licence for a further period of three years, said recommissioning the second mill would add $200 000 to the $1.7-million Phase 1 bill, which would be funded from existing cash resources and cash flow from the project.

Since acquiring the deposit in July, Vast unpacked a potential three-phase strategy for the mine.

Phase 1 would see the continuation of the existing openpit mining for a further three years, with potential to extend or enlarge the openpit site towards the southeast.

The Phase 2 and Phase 3 operations were currently planned to be underground mines.

Edited by Creamer Media Reporter

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