11th Mar 2020 10:01
(Alliance News) - Anglo Asian Mining PLC on Wednesday guided for increased annual revenue in 2020 despite an expected dip in production.
The Azerbaijan-focused gold, copper, and silver miner sees 2020 revenue rising over USD100 million if current commodity prices hold. It has not yet unveiled 2019 results, but has previously guided for revenue above USD90 million.
Overall production for 2020 is seen between 75,000 ounces of gold equivalent and 80,000 ounces, which would be between a 7.9% and 1.7% fall year-on-year.
Gold production is guided between 65,000 ounces and 67,000 ounces, down 7.3% to 4.4%. Copper is seen between 2,200 tonnes and 2,400 tonnes, from 2,210 tonnes.
The lower gold production, London-headquartered Anglo Asian said, is due to a higher proportion of ore from the open pit at the Gedabek mine being processing by agitation leaching as well as reduced mining from Ugur.
"Once again, 2020 is set to be another year of solid performance from Anglo Asian Mining with forecast revenue of over USD100 million and production between 75,000 ounces to 80,000 gold equivalent ounces," said Chief Executive Reza Vaziri.
"Despite the marginal reduction on the previous year's production, due to lower production from the Ugur mine, the increased metal prices seen so far this year should enable the company to maintain its financial performance as we progress into exploiting our recently reported new mineral deposits."
"Future growth in both production and our resources and reserves continue to be highly important to Anglo Asian. We are continuing at pace with our exploration programme to identify possible further production expansion in our three existing contract areas," Vaziri continued.
"In this respect, we recently released the highly encouraging results from our exploration programme which highlights their potential. We also continue to look at other opportunities for expansion. I look forward to keeping the market informed of future developments."
Shares were 3.3% lower on Wednesday in London at a price of 121.32 pence each.
By George Collard; [email protected]
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