LONDON (ShareCast) - (Sharecast News) - Vast Resources narrowed losses in the first half of its trading year on the back of a sharp rise in gold production despite declining production levels of other metals.
The AIM-listed mining company cut losses 83% to $2.1m in the six months ended 30 September, as revenue shot up 47% to $21.9m.

Vast Resources saw gold production from its Pickstone-Peerless mine increase 7.8% on the second half of its last trading year to 13,352 ounces, while its Manaila polymetallic mine in Romania delivered a 61% increase in copper concentrate production.

However, copper concentrate production at Manaila was down 20% year-on-year to 1,910 tonnes.

Elsewhere, Vast produced 199 tonnes of zinc during the period, twice what it had produced in the prior half, but down 28% year-on-year.

Cash balances contracted 61% to $661,000.

Chief executive Andrew Prelea, said: "The half-year coupled with events post period end have been an interesting time for the growth of the company.

"Vast will be focusing on improving results in its core operations in both Romania and Zimbabwe."

As of 1300 GMT, Vast shares had dropped 7.50% to 0.33p.

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