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LONDON - Vast Resources PLC (AIM:VAST), an AIM-listed mining company, provided an operational update on its various mining projects across Romania and Tajikistan.
At the Baita Plai Polymetallic Mine in Romania, Vast continues production while pursuing drilling and reprofiling of the underground asset. The company also announced discussions for joint ventures and due diligence processes aimed at third-party investments in the mine. Following a corporate reorganization announced on October 21, 2024, and cost-cutting measures, Vast anticipates future operational benefits. These changes are expected to take full effect after the disposal of a historical diamond parcel, which was announced earlier today, and the finalization of financing arrangements. During the second half of 2024, Baita Plai produced 307.8 tonnes of copper concentrate with an average grade of 18.06% copper from 13,562 tonnes of mined material.
The company is also in talks to restart operations at the Manaila Polymetallic Mine in the second half of 2025, with details to be provided as they develop.
At the former Hanes Gold Mine, operated under a management contract, development has resumed after a harsh winter. A new gravity concentrator is expected to start extracting gold and polymetallic alluvial minerals this quarter. Additionally, the mine is preparing to transport significant ore quantities to Baita Plai for processing, pending transport permit approvals anticipated within the current quarter.
The Blueberry Gold Project in Romania, in which Vast holds a 29.41% interest, has shown promising results from separation tests conducted in Tajikistan, indicating a potential increase in recovery rates from 44% to 77% using non-cyanide methods. A new exploitation license application is being prepared by the joint venture partner based on these findings.
In Tajikistan, the Aprelevka Gold Mines, where Vast has a 4.9% earnings interest, has seen positive development with the installation of a tertiary crushing system and a new silver processing plant, resulting in a doubling of silver production in March. Gold production has also increased by 33% in the second half of the year compared to the same period in 2023. The company aims to prepare a JORC compliant Mineral Resource Estimate for these mines in the second half of 2025.
Vast Resources plans to provide updates on its operations on a semi-annual basis, as per the information based on a press release statement.
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