Anglo Asian Mining plc
Anglo Asian Mining plc
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Azerbaijan miner Anglo Asian is hanging on to its FY2021 production forecast despite a further decline in Sept qtr (Q3) production at its Gedabek gold, copper and silver project to 16,316oz gold equivalent, down from 18,190oz in the previous period.
With production of 48,487oz AuEq for the first 9 months, compared to 50,702oz for the YTD FY2020, Anglo Asian is maintaining its forecast at 64,000-72,000oz.
Anglo Asian Mining has set its FY2021 production guidance for its Gedabek gold, copper and silver mine in western Azerbaijan at 64,000-72,000oz gold equivalent, following its FY2020 output of 69,091oz AuEq.
CEO Reza Baziri says gold production will be lower due to the depletion of the Ugur mine in 2020, with mining occurring at only its Gedabek openpit and Gedabek and Gadir underground mines. Copper production is expected to increase on higher ore volumes from the Gedabek openpit.
Performance improvement measures taken over the first six months of 2020 have enabled Anglo Asian Mining to boost production at its Gedabek mine in Azerbaijan by 27% to 18,190oz gold equivalent in the Sep qtr (Q3), up from 14,819oz in the previous period.
The total comprised 15,461oz (12,048oz) gold, 688t (648t) copper and 31,036oz (23,884oz) silver.
Azerbaijan gold producer Anglo Asian has demonstrated its agility in the midst of the coronavirus-driven cutbacks in scheduled airline services by delivering an additional shipment of 4,688oz gold in gold doré by air charter to trader MKS Finance in Switzerland.
CEO Reza Vaziri says the successful delivery keeps the company within its planned objectives for the year.
(CORONAVIRUS)
Even where they benefit from exemptions from the anti-coronavirus restrictions on general travel and industry operations, miners face an additional challenge as the grounding of airlines around the world takes away their regular air freight routes for getting high-value product to market.
The widespread shutdowns of international air travel due to the COVID-19 virus have left Azerbaijan miner Anglo Asian seeking alternative logistics and refining options for gold doré from its Gedabek and Gosha mines.
Azerbaijan-focused producer Anglo Asian Mining predicts further revenue growth to over $US100M for FY2020, with improved gold prices set to offset its expected decline in gold production at its Gedabek mine to 75,000-80,000oz gold equivalent in the 12 months, from 82,795oz AuEq in FY2019.
Its gold forecast comprises 65,000-67,000oz gold (FY2019: 70,098oz) and 2,200-2,400t copper (2,210t).
Central Asian-focused producer Anglo Asian Mining is anticipating record revenues of over $US90M after lifting production at its Gedabek gold, copper and silver mine in Azerbaijan after posting FY2019 production of 82,795oz gold equivalent, compared to 83,736oz in FY2018.
Production of copper was 2,210t (FY2018: 1,645t), gold 70,098oz (72,798oz) and silver 159,356oz (210,184oz).
Azerbaijan miner Anglo Asian expects to reach the lower end of its FY2019 guidance after lifting Sept qtr (Q3) production from its Gedabek project to 20,227oz gold equivalent, from 19,618oz in the previous period. YTD production reached 60,122oz (YTD2018: 61,761oz), with the full year guidance 82,000-86,000oz.
Q3 production of gold was 17,804oz (21,318oz), copper 521t (470t) and silver 33,354oz (59,346oz).
Continuing improvement in gold equivalent production has enabled Azerbaijan gold, copper and silver producer Anglo Asian Mining to lift profit before tax to $US10.3M for the June half (H1FY2019), up from $8.1M in the previous corresponding period.
Sales of gold bullion from its Gedabek project rose to 26,588oz (H1FY2018: 25,778oz) at a steady average price of $1,319/oz against AISC of $603/oz ($543/oz). Attributable comprehensive profit was $6.6M ($5.1M).