Vast Resources PLC - mines and projects in Romania and Zimbabwe - Reports results of half-year that ended on October 31 and provides trading update for last three months of calendar 2021. Interim pretax loss widens to $7.3 million from $1.0 million a year before.

Records revenue of $1.1 million, compared to none a year before, but cost of sales is $3.2 million and overhead expenses are $2.4 million. Says the interim period was ‘challenging’ with complications and delays at the Baita Plai polymetallic mine in Romania, due to the need for extra tunnelling. The situation at the mine improved in the three months to the end of 2021, with an 88% increase in ore tonnes milled at the mine from the start of October to the end of December. Total ore milled in the three months was 9,743 metric tonnes.

Separately, Vast says it has informed Botswana Diamonds PLC and Gem Diamonds Ltd that it will not proceed with the acquisition of Gem Diamonds Botswana (Pty) Ltd. The deal was first announced back in August. Vast was to partner with Botswana Diamonds to buy the venture, which owns the Ghaghoo diamond mine in central Botswana, for $4 million. Vast says it has agreed to extend the longstop date for the deal to March 31 to give Botswana Diamonds time to find a new partner. Gives no reason for the decision to withdraw.

Current Vast stock price: 1.45 pence

12-month change: down 87%

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