Vast Resources advances as Zimbabwe gold project nears production

AIM-listed gold miner Vast Resources has said it still expects its Pickstone-Peerless project in Zimbabwe to start producing maiden revenues later this year despite some delays, causing shares to surge on Tuesday.

The company, formerly known as African Consolidated Resources, said minor spending overruns and the slight delay in completing development and starting mining "is not expected to significantly impact the project's financial parameters".

All regulatory requirements for the project are now in place, including the mining permit, environmental approval, and siting and works plan approval.

Vast plans to mine at an initial rate of 10,000 tonnes per month at the start of the second half.

The stock was up 12.4% at 0.79p, having reached an earlier high of 0.84p.