GCIVast Resources' Baita Plai production report shows promising growth trajectory
() , an AIM-listed mining company with projects in Europe, Tajikistan, and Zimbabwe updated markets on Q2 2023 production at its flagship Baita Plai copper mine in Romania.
Concentrate produced (DMT) remained flat from Q3 2023, and the average copper concentrate decreased to 18% from 21% the previous 2 quarters. Vast said the decrease was due to the particular area that was being mined. However, the company noted that the quality of concentrate has improved in Q1 2024 as higher-grade zones are being assessed.
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Expected results from Vast as production in DMT recorded a very small quarterly increase, the 5th one in a row as production at Baita Plai has ramped up. The Cu concentrate grade did register a decrease, however this should be temporary as work moves to new higher-grade areas in Q1 2024.
Vast has now incorporated results from its 2023 drilling programme into the Baita Plai mine plan. This, together with the fast-tracking of the underground decline access ramp, is expected to materially increase the mine's production rate through reduced haulage times and better access to high grades at depth.
As a result, we expect the overall grade of concentrate to recover in Q1 2024 and remain consistent in subsequent quarters.
Vast remains well-funded after raising £1.8m through a placing in October, following a £1.7m fundraise in July, providing sufficient working capital to develop and expand its portfolio.
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