- Vast Resources reported a slump in third-quarter copper and zinc production at its Manaila mine in Romania due to a decline in resource grades.

Copper concentrate output slipped 32% to 615 dry tonnes in the three months through September compared to the previous quarter.

Zinc concentrate output fell 68% to 48 dry tonnes.

The company's operations in Zimbabwe performed better, notching an 8% increase in gold production to 6,397 ounces.

A clear pattern of decreasing ore quality had emerged at Manaila since the final quarter of 2016, chief executive Andrew Prelea said.

The decrease was a consequence of continued mining without waste pre-stripping, which the company was unable to conduct due to funding restraints at that time.

From the first quarter of 2018, the ratio of stripping to mining started to reverse on an upward trend.

'However, until the company takes delivery of the new dumpers and excavators in early 2019, the targeted increase in productivity will be delayed,' Prelea said.

'The board is confident that once the equipment is on-site the new fleet can focus on rectifying the five quarters of negative waste stripping and expose sufficient quantities of the correct ore grades while minimising dilution.'

At 9:49am: [LON:VAST] Vast Resources PLC share price was -0.05p at 0.42p

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