22nd Aug 2024 16:17
(Alliance News) - Anglo Asian Mining PLC on Thursday confirmed full-year guidance as the company prepares to ram up production following a partial shut-down and period of overhaul.
The Azerbaijan-focused miner expects full-year 2024 production between 15,000 and 19,500 gold equivalent ounces, comprising 250 to 850 tonnes of copper and 14,000 to 16,000 ounces of gold.
In 2023, Anglo Asian produced 31,821 gold equivalent ounces.
Chief Executive Officer Reza Vaziri said: "We are pleased to provide guidance...as we return to full production and regular operations after receiving authorisation to raise the tailings dam wall. The tailings dam wall raise is progressing well, and we expect the first stage to be completed within the next three months.
"We have used well this period of a partial shut-down of production. In addition to extensive overhaul and refurbishment of our existing processing operations, we have completed extensive preparatory work that will enable us to deliver our strategic growth plan to become a multi-asset, mid-tier primarily copper producer."
Throughout the last twelve months, the company's agitation leaching plant underwent renovation and refurbishment. The plant is scheduled to restart and return to full production in mid-September with 97,000 tonnes of stockpiled ore due to be processed.
In addition, Anglo Asian intends on mining first ore from Gilar in December, with the planned extraction and processing of 35,000 to 40,000 tonnes of ore grading 1.6 grammes of gold per tonne and 2% copper in the month.
Anglo Asian shares were up 2.1% at 86.74 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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