Anglo Asian Mining plc
Anglo Asian Mining plc
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Azerbaijan miner Anglo Asian is predicting significant changes in its production profile after lower grades reduced FY2021 gold equivalent production to 64,610oz, from 67,249oz a year earlier – comprising 48,680oz gold (FY2020: 56,864oz), 2,649t copper (2,591t) and 154,515oz silver (122,962oz).
Lower production and higher costs lifted AISC to $854/oz ($702/oz). Revenues fell to $92.5M ($102.1M) and pre-tax profit to $12.6M ($35.7M).
With its focus on restarting production in 2022 at the existing underground mine at Vejnaly this year, Azerbaijan miner Anglo Asian reports a solid start at its Gedabek contract area with March qtr production of 13,720oz gold equivalent.
The result, compared with 15,949oz in the previous period, comprises 10,040oz gold (Q4FY2021: 11,589oz), 568t copper (743t) and 50,689oz silver (38,673oz).
Azerbaijan miner Anglo Asian remains on track to begin production in 2023 at the Zafar polymetallic deposit in its Gedabek contract area, despite a fall in its updated JORC mineral resource.
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).