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Anglo Asian Mining PLC

Q2 & H1 2019 Production and Operations Review

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RNS Number : 4530F
Anglo Asian Mining PLC
15 July 2019
 

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

15 July 2019

Anglo Asian Mining plc ("Anglo Asian" or the "Company")

Q2 & H1 2019 Production and Operations Review

 

H1 2019 Year-on-Year Production up 7 per cent. and Increase in net cash to $15.4 million

 

Anglo Asian Mining plc, the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area ("Gedabek") in western Azerbaijan for the three months to 30 June 2019 ("Q2 2019") and six months to 30 June 2019 ("H1 2019").

 

Note that all references to "$" are to United States dollars.

 

Overview

 

·    Continued improvement in total production expressed as gold equivalent ounces ("GEOs"):

Q2 2019 production of 19,618 GEOs up 3 per cent. compared to Q2 2018

H1 2019 production of 39,905 GEOs up 7 per cent. year-on-year ("y-o-y")

·    Q2 2019 production lower than Q1 2019 production by 669 GEOs mainly due to copper production reduced by 63 tonnes following planned mining of lower copper grade ore in the quarter - copper grades expected to increase in remainder of the year

·    Backlog of concentrate production now sold due to resolution of logistical issues by off-taker - gross concentrate sales of $7.6 million in Q2 2019

·    Strong cash generation with $4.6 million generated in the quarter and $9.3 million in H1 2019

$15.4 million net cash at 30 June 2019 ($10.8 million at 31 March 2019)

 

Anglo Asian CEO Reza Vaziri commented, "This is another good quarter's production with a 7 per cent year-on-year increase in the first half compared to 2018. The production in the quarter was slightly less than the previous quarter due to the planned mining of lower grade copper ore, however, we are expecting copper grades to increase for the rest of the year. The logistical issues in selling concentrate reported last quarter were resolved and the Company had gross sales of $7.6 million of concentrate in the quarter. The Company continues to be a strong cash generator and our net cash increased by $4.6 million in the quarter."

 

Production Overview

 

Q2 2019

·    Three per cent. y-o-y increase in total production to 19,618 GEOs (Q2 2018: 19,042 ounces)

·    Gold production totalled 17,149 ounces (Q2 2018: 16,764 ounces):

16,073 ounces contained within gold doré

8 ounces from SART processing

1,068 ounces from flotation

·    Copper production totalled 450 tonnes (Q2 2018: 332 tonnes):

67 tonnes from SART processing

383 tonnes from flotation processing

·    Silver production totalled 33,292 ounces (Q2 2018: 44,201 ounces):

4,734 ounces contained within gold doré

13,067 ounces from SART processing

15,491 ounces from flotation

H1 2019

·    Seven per cent. y-o-y increase in total production to 39,905 GEOs (H1 2018: 37,349 GEOs)

·    Gold production totalled 34,394 ounces (H1 2018: 33,255 ounces)

·    Copper production totalled 963 tonnes (H1 2018: 587 tonnes)

·    Silver production totalled 84,586 ounces (H1 2018: 84,785 ounces)

·    On track to achieve forecast production for FY 2019 of between 82,000 to 86,000 GEOs

 

Sales overview

·    Q2 2019 gold bullion sales of 13,467 ounces at an average of $1,332 per ounce (Q2 2018: 10,822 ounces at an average of $1,307 per ounce)

·    Q2 2019 copper concentrate shipments to the customer totalled 4,007 dry metric tonnes ("dmt") with a sales value of $6.7 million (excluding Government of Azerbaijan production share) (Q2 2018: 1,736 dmt with a sales value of $4.2 million)

 

 

Company financials

·    Net cash, being cash less interest-bearing loans and borrowing equivalents, totalled $15.4 million at 30 June 2019 ($10.8 million at 31 March 2019)

 

Operations review

The Company mined the following ore in the six months ended 30 June 2019:

 


12 months to

 31 December 2018

3 months to

31 March 2019

3 months to

30 June 2019

Mine

Ore mined

Average

gold grade

Ore mined

Average

gold grade

Ore mined

Average

gold grade


(tonnes)

(g/t)

(tonnes)

(g/t)

(tonnes)

(g/t)

Gedabek open pit

 

362,412

 

1.06

 

447,496

 

0.73

 

370,153

 

0.70

Ugur - o/pit

1,245,104

1.27

212,788

1.88

345,461

1.32

Gadir - u/g

125,806

4.53

40,020

2.84

49,902

2.59

Gosha - u/g

10,988

3.44

-

-

-

-

Total

1,744,310

1.47

700,304

1.20

765,516

1.10

 

As previously reported, low grade ore (less than 1.5 grammes per tonne of gold) is being treated by heap leaching, whilst higher grade ore (more than 1.5 grammes per tonne of gold) is being processed through the agitation leaching plant.

 

Anglo Asian stacked 152,173 tonnes of dry crushed ore on to heap leach pads with an average gold content of 0.9 grammes per tonne of gold during Q2 2019 (Q1 2019: 127,990 tonnes with an average gold content of 0.80 grammes per tonne of gold). The Company also heap leached uncrushed Run of Mine ("ROM") ore. During Q2 2019, Anglo Asian stacked 286,163 tonnes of ROM ore on to heap leach pads with an average gold content of 0.49 grammes per tonne of gold (Q1 2019: 133,194 tonnes of ROM ore with an average gold content of 0.51 grammes per tonne of gold).

 

The Company processed 176,602 dry tonnes of ore with an average gold content of 2.4 grammes per tonne of gold through the agitation leaching plant in Q2 2019 (Q1 2019: 171,211 dry tonnes with an average gold content of 2.50 grammes per tonne of gold). 131,161 dry tonnes of ore containing an average copper content of 0.46 per cent. were processed by the flotation plant in Q2 2019 (Q1 2019: 130,012 dry tonnes of ore containing an average copper content of 0.49 per cent.).

 

The Company produced gold doré containing 16,073 ounces of gold and 4,734 ounces of silver at Gedabek in Q2 2019 (Q1 2019: 15,547 ounces of gold and 6,634 ounces of silver). During Q2 2019, the agitation leaching plant produced 12,810 and 3,776 ounces of gold and silver, respectively, and the heap leach operations produced 3,263 and 958 ounces of gold and silver, respectively (Q1 2019: the agitation leaching plant produced 12,649 and 5,345 ounces of gold and silver, respectively, and the heap leach operations produced 2,898 and 1,288 ounces of gold and silver, respectively).

 

SART processing produced 143 dmt of copper concentrate containing 67 tonnes of copper, 8 ounces of gold and 13,067 ounces of silver in Q2 2019 (Q1 2019: 142 dmt of copper concentrate containing 63 tonnes of copper, 11 ounces of gold and 16,201 ounces of silver).

 

In Q2 2019, flotation processing produced 2,252 dmt of copper concentrate containing 383 tonnes of copper, 1,068 ounces of gold and 15,491 ounces of silver (Q1 2019: 2,871 dmt of copper concentrate containing 450 tonnes of copper, 1,687 ounces of gold and 28,461 ounces of silver).

 

The Company sold 4,007 dmt of copper concentrate in Q2 2019 for $6.7 million compared to 279 dmt for $0.7 million in Q1 2019 and 1,736 dmt for $4.2 million in Q2 2018 (excluding Government of Azerbaijan production share). The copper content of the total concentrate production has decreased in the year to 30 June 2019 due to the increasing proportion produced by flotation. Flotation concentrate typically has a lower percentage of copper (around 15 to 17 per cent.) compared to SART concentrate (around 45 to 55 per cent.). The backlog of concentrate which had built up in previous quarters due to logistical issues of the off-taker was sold in Q2 2019.

 

The following table summarises gold doré production and sales at Gedabek for FY 2018 and H1 2019:

 


Gold produced*

(ounces)            

Silver

Produced*

(ounces)

Gold sales**

(ounces)

Gold sales

price

($/ounce)

Quarter ended










31 March 2018

15,750

7,110

14,956

1,328

30 June 2018

15,537

6,014

10,822

1,307

H1 2018

31,287

13,124

25,778

1,319

30 Sept 2018

18,885

7,416

18,637

1,216

31 Dec 2018

15,444

5,646

15,066

1,231

H2 2018

34,329

13,062

33,703

1,223

FY 2018

65,616

26,186

59,481

1,265






31 March 2019

15,547

6,634

13,121

1,306

30 June 2019

16,073

4,734

13,467

1,332

H1 2019

31,620

11,368

26,588

1,319





 

Note that some of the figures in the above table may differ from previously reported due to agreement of final assay.

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

 

The following table summarises copper concentrate production from both its SART and flotation plants at Gedabek for FY 2018 and H1 2019:

 


Concentrate

Copper 

Gold

Silver


production*

content*

content*

content*


(dmt)

(tonnes)

(ounces)

(ounces)






2018





Quarter ended 31 March





SART processing

223

114

6

22,118

Flotation

819

141

735

11,587

Total

1,042

255

741

33,705






Quarter ended 30 June





SART processing

260

137

6

21,800

Flotation

1,136

195

1,226

16,387

Total

1,396

332

1,232

38,187






Quarter ended 30 Sept





SART processing

162

81

7

17,357

Flotation

2,501

389

2,437

34,573

Total

2,663

470

2,444

51,930






Quarter ended 31 December





SART processing

109

67

13

14,229

Flotation

3,557

521

2,752

45,947

Total

3,666

588

2,765

60,176






2019





Quarter ended 31 March





SART processing

142

63

11

16,201

Flotation

2,871

450

1,687

28,461

Total

3,013

513

1,698

44,662






Quarter ended 30 June





SART processing

143

67

8

13,067

Flotation

2,252

383

1,068

15,491

Total

2,395

450

1,076

28,558

 

Note that some of the figures in the above table may differ from previously reported due to agreement of final assay.

* including Government of Azerbaijan's share.

 

The following table summarises copper concentrate production and sales at Gedabek for FY 2018 and H1 2019. Note that sales of concentrates are initially recorded at provisional amounts until agreement of final assay: 

 


Concentrate

Copper 

Gold

Silver

 Concentrate

 

Concentrate


production*

content*

content*

content*

sales**

sales**


(dmt)

(tonnes)

(ounces)

(ounces)

(dmt)

($000)

Quarter ended














31 March 2018

1,042

255

741

33,705

608

1,715

30 June 2018

1,396

332

1,232

38,187

1,736

4,221

H1 2018

2,438

587

1,973

71,892

2,344

5,936








30 Sept 2018

2,663

470

2,444

51,930

1,557

3,368

31 Dec 2018

3,666

588

2,765

60,176

3,774

6,131

H2 2018

6,329

1,058

5,209

112,106

5,331

9,499

FY 2018

8,767

1,645

7,182

183,998

7,675

15,435








31 March 2019

3,013

513

1,698

44,662

279

718

30 June 2019

2,395

450

1,076

28,558

4,007

6,713

H1 2019

5,408

963

2,774

73,220

4,286

7,431

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

 

Company financial review

 

Net cash

The Company had net cash at 30 June 2019 of $15.4 million, an increase of $4.6 million since 31 March 2019.


$m   

Cash on hand and at bank

20.5

Pasha Bank refinancing loan

(5.1)

Net cash

15.4

 

The Company paid corporation taxation of $2.2 million in Q2 2019 ($3.0 million in Q1 2019).

 

Market Abuse Regulation (MAR) Disclosure

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

**ENDS**

 

For further information please visit or contact:

Reza Vaziri

Anglo Asian Mining plc

Tel: +994 12 596 3350

Bill Morgan

Anglo Asian Mining plc

Tel: +994 502 910 400

Stephen Westhead

Anglo Asian Mining plc

Tel: +994 502 916 894

Ewan Leggat

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel: +44 (0) 20 3470 0470

Soltan Tagiev

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel + 44 (0) 20 3470 0470

Isabel de Salis

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177

Gaby Jenner

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177

 

Notes:

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.

 

The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the Lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first modern operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009. Mining at Gedabek was initially from its main open pit, which is an open cast mine with a series of interconnected pits.

 

The Company also operates the high grade Gadir underground mine, which is co-located at the Gedabek site. In September 2017, production commenced at the Ugur open pit mine, a recently discovered gold ore deposit at Gedabek. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.

 

The Company produced 83,736 gold equivalent ounces ('GEOs') for the year ended 31 December 2018. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies. The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant. A second dedicated crusher line has been commissioned and is now in operation for the flotation plant to enable it to operate independently of the agitation leaching plant.

 

The Company has forecast metal production for FY 2019 of between 82,000 to 86,000 gold equivalent ounces ("GEOs"). Of the forecast production for FY 2019, between 28,000 to 30,000 GEOs is in the form of copper and gold flotation concentrate.

 

Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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