Vast Resources’ revenue up to USD 14.1 mln during April–September 2016

Newsroom 21/12/2016 | 14:02

Mining company Vast Resources announces has recorded a 1,310 percent increase in revenue to USD 14.1 million, compared to USD 1.0 millionl last year.

The company with operations in Romania and Zimbabwe had for 2016 the objectives to expand and improve its operations.

For Romania, the primary objective was to increase efficiency in Manaila Polymetallic Mine. The Moldova mine had in the first part of the year two teams with high expertise who offered the technical solutions to increase the quality of the ore concentrate. This work achieved an improved copper concentrate. Moreover, another solution was for the second ore concentrate: zinc. Starting  December, Manaila Polymetallic Mine is selling 2 types of separate ore concentrates: zinc and copper.

The delivery of the second revenue stream through the zinc concentrate and a resource has been enlarged by approximately eight times.

“Vast Resources’ attention remains centered on Romania also in 2017, as we are prepared to invest in more valuable projects. Our Manaila project had its first zinc concentrate sold this month and will continue to invest in order to increase the quality of the extracted ore”, said Andrew Prelea, president and executive director of Vast Resources Romania.

The British company announces a 5.6 percent decrease in the quantity of the copper concentrate produced at the Moldavian mine from Suceava, but an increase in quality for the same period, now has 2 quality concentrates: zinc and copper.

The 2016 investments in the Romanian reached  over USD 5 million  in the two mines the company administrates in Romania (Baita Plai, Bihor County, and Manaila, in Suceava County).

Vast Resources was founded in late 2005, having the exploration of mineral deposits in Zimbabwe and Southern Africa as main activity. In addition to the activity in Africa, in May 2013 Vast Resources has turned its attention to Romania, in order to develop its business strategy.

Georgiana Bendre

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