Vast Resources PLC (AIM:VAST) has announced a 20% overall increase in Q3 production from its Baita Plai Polymetallic Mine in Romania.
The AIM-listed mining company, with mines, development projects and mining interests in Tajikistan and Zimbabwe as well as Romania, said September 2022 was the most successful month of underground production at Baita Plai with the mine producing 7,900 tons of ore, accounting for 50% of underground production in Q3 2022.
In a statement, Andrew Prelea, chief executive officer at Vast commented: “This has been a successful period which has seen us achieve the uptick in production from September that we have been working towards. I am wholly encouraged by the work that is continuing on the ground as we now plan for further increases in the remaining weeks of Q4, and again in Q1 2023 and onwards.”
As outlined previously, the last month of the quarter saw an increase in production via the utilisation of the Mantis rigs resulting in a significant increase in tonnes mined and the quality of the concentrate produced from an average of 16% in July and August to over 22% with peaks of 28.5%, it added.
Production in July and August 2022 was affected by a requirement to change the working faces to enable the implementation of Long Hole Stoping, Vast noted, but the initial downward perforation strategy for Long Hole Stoping was subsequently adjusted to vertical drilling in Level 17, to mitigate against the deflection of the drilling rods and this effective drilling strategy will now be maintained.
Q4 2022 commenced with a further increase in the rate of underground ore production compared to the average rate achieved in September, the company said. The current prepared accessible underground ore stands at approximately 290,000 tons because of the change in the transition to mechanised mining. The mine is currently working in four separate high-productivity mining areas utilising Long Hole Stope methodology in addition to continuing production on two working faces with room and pillar mining method of extraction. Accordingly, underground production is expected to continue its growth into Q1 2023.
The completion of Spiral number 3 will further increase the volume of underground ore production which is intended to ensure the longevity of the mine from Q2 2023, it added.
The company also confirmed that the sale of concentrate expected in mid-October will now occur in the first week of November.