VAST posts maiden results
By Bianca Boorer
Date: Friday 30 Sep 2016
(ShareCast News) - Vast Resources, an AIM-listed mining company with operations in Romania and Zimbabwe, notified its shareholders that it released its first final results on 29 September 2016.
The firm transitioned into a mining company during the year, with commercial production commencing at its two mines, the Manaila Polymetallic Mine in Romania and Picstone-Peerless Gold Mine in Zimbabwe.
The group's maiden revenues reached $7.2m.
However, the miner incurred in a loss of $6.9m on a continuing operations-basis due to the "significant" investment that was necessary to achieve production and improve operational efficiencies. A loss of $8.7m from discontinued operations was also incurred following discontinuance of the firm's greenfield exploration projects.
On 22 July 2015 the firm acquired a 50.1% interest and effective control in Sinarom Mining group, the operator of the Manaila project.
Mining operations at Manaila commenced in August 2015, with output of 1,567 tonnes of concentrate during the period. Gold mining and processing commenced in August 2015 and thereafter 5,406 troy ounces of gold were produced.
After the period end, 4,542 troy ounces of gold and 727 tonnes of concentrate were produced in the first quarter of 2017.
In February the firm also merged Mineral Mining SA and African Consolidated Resources.
Cash balance at 31 August 2016 was $0.5m plus $1.8m held in Breckridge Investments in Zimbabwe.
The share price rose 1.40% to 0.289p at 1700 BST on Friday.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN