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Anglo Asian mills more but sees lower grade in third quarter

Gold output in the period was down at 16,497 ounces compared to 19,375 ounces in the second quarter, while copper production came in at 485 tonnes, compared to 497 tonnes in the second quarter
A gold pour
Anglo is targeting to produce a total of between 69,000 ounces and 71,000 ounces of gold for the year to December 31

A delay to the commissioning of a second mill hit Azerbaijan-focused gold miner Anglo Asian Mining Plc's (LON:AAZ) production in the third quarter but it repeated its full year gold production target.

Gold output in the period was down at 16,497 ounces compared to 19,375 ounces in the second quarter, while copper production came in at 485 tonnes, compared to 497 tonnes in the second quarter

The firm produced 33,899 ounces of silver compared to 52,214 ounces the previous quarter.

READ - Anglo Asian Mining on road to profitability

WATCH - Anglo Asian Mining on track to hit production targets, says CFO

But chief executive Reza Vaziri said the miner, which continues to reduce costs, continued to make "solid progress".

"Whilst production during the period was impacted due to slightly later than anticipated commissioning of the second SAG mill, total tonnes milled during the quarter increased which partially offset the lower gold grades encountered.

"The utilisation of stockpiled sulphide ore as feedstock for the flotation plant is another positive development for Anglo Asian. The company continues with its cost reduction and sustainability initiatives, and the connection of the Gedabek site to the national power grid by the end of next month will be another milestone."

Anglo is targeting to produce a total of between 69,000 ounces and 71,000 ounces of gold for the year to December 31 and between 1,700 tonnes and 2,100 tonnes of copper.

Work on the electrical sub-station and associated overhead power lines is now substantially complete and it is expected the Gedabek mine will be connected to the national grid by the end of next month (November)

The water treatment plant is now being manufactured by the supplier and is expected to be installed at the beginning of the second quarter of 2017, with a target start-up date of end April 2017.

The water evaporation equipment is expected to be received and installed by the end of this year, the group added.

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Anglo Asian Mining Plc Timeline

Newswire
January 17 2017

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