Vast Resources (VAST ) said recent results coupled with a strong recovery in commodities prices have highlighted the commercial strength of its Manaila Polymetallic Mine in Romania.
To evaluate the restarting of production at Manaila, Vast has been working with TOMRA to assess the suitability of X-Ray Sorting Technology (‘XRT’) to optimise its production profile.
The assessment showed that by installing an XRT machine at the plant to pre-concentrate ore at the pit, the technology would be highly effective for three main reasons; a reduction in transportation costs, a reduction in processing costs and higher-grade product from the plant.
The mining company outlined that samples from both types of mineralisation at Manaila, massive sulphide and disseminated sulphide, were recently sent to the TOMRA Test Centre in Wedel, Germany, to ascertain improved mass reduction and grade upgrade potential.
Both mineralisation types showed amenability to the XRT process with metal content recovery on the massive sulphides at 95.4% for copper, 93.6% for lead and 95.2% for zinc in 71% of the mass.
Meanwhile, the Group noted that the disseminated sulphides returned a metal content recovery of 84.2% for copper, 67.2% for lead and 84.4% for zinc in 35% of the mass.
The results showed that 93.1% copper, 82.2% lead and 92.4% zinc metal could be recovered in 45% of the mass when mining the polymetallic ore on a ratio of 3 tonnes disseminated sulphide to 1 tonne of massive sulphide, being the typical historical ratio of mining at Manaila.
Andrew Prelea, Chief Executive Officer of Vast Resources, commented: “These results, coupled with the strong recovery in commodities prices this year, highlight Manaila’s position as a commercially attractive project alongside our Baita Plai Polymetallic Mine.
He added, “These results clearly underpin our view that Manaila is economically viable, and the management team are considering various mine plan scenarios of bringing Manaila back into production. It is our preference to secure the required funding via non-equity linked sources and we will provide further updates to the market in due course.”
In August 2021, Vast unveiled plans to acquire Gem Diamonds Botswana in what it described as a “highly compelling opportunity” that would enable it to deliver diamond production quickly.
The London-listed mining company has unveiled its intention to acquire 90% of Gem Diamonds Botswana, a wholly owned subsidiary of the diamond producer Gem Diamonds (‘Gem Diamonds’) which owns the Ghaghoo Diamond Mine in Botswana (“Ghaghoo”).
Vast said it does not intend to provide funding that may be required for the proposed acquisition from new equity raisings. As a result, the Company said it is currently engaged with third party financiers to support the development of Ghaghoo into production.
The Ghaghoo mine, which is a 10.8ha kimberlite pipe in central Botswana 300km north west of Gaborone which is currently on care and maintenance, holds a mining licence until 2036. The mine was originally acquired by Gem Diamonds from De Beers and Xstrata in May 2007.
Vast said Ghaghoo is “substantially de-risked” from an exploration and development perspective, and also from the funding structure that it is advancing with third party financiers.
To date, the mine, which is said to be home to a ‘world class on-site treatment facility’ for 60,000t per month and full mining infrastructure, has previously had a full spectrum of stones recovered from its site including consistent recovery of high value fancy-coloured diamonds.
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