19th Jul 2024 19:19
Anglo Asian Mining PLC - London-based gold, silver and copper producer focused on Azerbaijan - Provides production update for second quarter and first half ended June 30. Production remains low as has not yet completed tailings dam wall raise. Says administrative formalities related to wall raise to be completed imminently. In June said initial 2.5 metres of total 7 metre wall raise to be completed about three months from approval. To issue annual guidance in due course after full production resumes.
Second quarter total production down 78% to 2,707 gold equivalent ounces from 12,422 gold equivalent ounces last year. Copper down 95% to 46 tonnes from 1,014 tonnes. Gold down 69% to 2,438 ounces from 7,870 ounces. Silver production down 71% to 6,341 ounces from 22,010 ounces. First half production down 77% to 5,270 gold equivalent from 23,391 gold equivalent announced a year prior. Copper down 95% to 100 tonnes from 1,870 tonnes. Gold down 68% to 4,704 ounces from 14,623. Silver down 71% to 12,740 ounces from 44,696 ounces.
Chief Executive Reza Vaziri said: "We expect to conclude all formalities imminently, enabling us to fully capitalise on the current robust metal prices to the benefit of our shareholders. We look forward to returning to normal operations and production shortly, and providing production guidance for the year."
Current share price: 89.50 pence, closed down 0.6% in London on Friday
12-month change: up 38%
By Aidan Lane, Alliance News reporter
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