Vast Resources (VAST ) updated markets this morning on Q2 2022 production at its Baita Plai Polymetallic Mine in Romania.
Cu Conc. Production up 17%
Vast saw marked improvement in the quality and quantity of Copper Concentrate (Co Conc.) produced at Baita Plai in Q2, in line with expectations.
Cu Conc. production increased 17% QoQ to 268 dry metric tonnes (DMT) in Q2, from 229 DMT in Q1 (see graph below).
Tonnes milled decreased slightly by 6% to 11,292 MT, but ore mined increased by 3.5% to 13,020 MT for the period. Additionally, the copper grade milled improved by 33% to 0.6% in Q2.
As the timing of sales is matched with sales schedules and not production, Vast Resources was holding 15 times more inventory at the end of Q2 than Q1, which has since been sold.
View from Vox
Vast Resources' successful implementation of the Mantis CMR4 Jumbo Drilling system has boosted performance significantly at Baita Plai, as evidenced by today's release.
The momentum in production is expected to continue into Q3 as the Mantis rig continues to work on 17 level, and a second mining circuit is readied for commission as announced on 27 June 2022.
In addition to an increase in Co Conc. produced, Vast is forecasting a significant increase in the number of primary metres developed, thanks to a second Mantis CMR 4 Jumbo rig deployed to the main belt incline on 18 level, completing the original mine plan. Current advance per blast from the main belt yields 2.0-2.2m per blast, an excellent ratio to the length of hole drilled to the achieved advance, according to the company.
Vast added: "The drill rig was extensively tested in a non-production environment to ascertain the capabilities of the machine for long hole production drilling. The drill rig has successfully completed a number of holes at varying inclinations, including vertically down, to depths of up to 12 meters. The machine is currently deployed on 17 level in the production area drilling the first set of long holes for long hole production blasting."
With two Mantis CMR4 rigs now deployed and a second mining circuit opening, the uptrend in production is all but certain to accelerate at Baita Plai. The two mills combined can process 14,000 tonnes per month, the company said in its 27 June statement. The presence of bismuth and molybdenum at Baita Plai further underscore its strategic value.
Vast Resources has had a string of positive news so far this year with growth apparent across its global portfolio. Notably, in May it reported a 236% increase in revenue QoQ, and a new joint venture in Tajikistan. At that time, it forecast accelerating growth into Q2 and Q3, which is now materialising.
Follow News & Updates from Vast Resources: