JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources on Tuesday reported strong performance from its Pickstone-Peerless gold mine (PPGM), in Zimbabwe, during the three months to June 30.
The operation delivered a 62% increase in gold production to 4 542 oz during the June quarter, with the plant consistently exceeding 20 000 t/m and now currently running at steady state.
“Vast continues to make solid progress at the two operating mines under its control. PPGM has again produced exceptional results – with both production and operating cost metrics beating market expectations,” said CEO Roy Pitchford.
The steady-state operational efficiencies were reflected in the 24% reduction to $695/oz in PPGM's average cash costs, he added.
During the June quarter, the company sold 4 021 oz of gold to the Reserve Bank of Zimbabwe – a 62% rise on the 2 475 oz sold in the March quarter.
An additional 1 078 oz on-hand was delivered post-quarter.
“In addition to the current reserves, the company is focused on future production once the economic oxide resource is depleted, which will incorporate additional processing facilities for the sulphide ores,” Pitchford commented.
Vast is evaluating expansion opportunities, including the design of the PPGM sulphide processing plant that will be required for the next phase of mining once oxide resources are depleted and the potential of developing a satellite openpit mine at the nearby Giant gold mine.
Meanwhile, as at June 30, Vast had repaid, in full, an outstanding $1.2-million Zimbabwean bank overdraft.
Edited by: Creamer Media Reporter
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