14th Oct 2020 16:02
Anglo Asian Mining PLC - copper & gold producer in Azerbaijan - Says third quarter production up 25% quarter-on-quarter to 18,451 gold equivalent ounces. Year-to-date production 50,702 gold equivalent ounces, down from 60,122 a year ago.
Says full-year production under review following some "minor delays" in the underground development arising from the Azeri and Armenian conflict due to the conscription of a number of engineering staff and some recently encountered temporary delays due to underground rock faulting. Says a 5% to 10% reduction may be required from its current guidance of 75,000 to 85,000 gold equivalent ounces.
"We are very saddened by the resumption of the conflict between Azerbaijan and Armenia, especially as the country was recovering well from the Covid-19 pandemic which now seems under control. The length and final resolution of the conflict are currently unknown. The company is operating normally but we are experiencing some operational inefficiencies due to the conflict which has required us to review our full year production guidance," says Chief Executive Reza Vaziri.
Current stock price: 114.13 pence
Year-to-date change: down 25%
By Lucy Heming;Â [email protected]
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