Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) has revealed that its total production for the twelve months to 31 December 2022 was 57,618 gold equivalent ounces (GEOs), at the top end of its 54,000 to 58,000 guidance (FY 2021: 64,610 GEOs).
For the fourth quarter of 2022, production was 14,532 GEOs (Q4 2021: 15,949 GEOs), the AIM-listed gold, copper and silver producer, which is primarily operating in Azerbaijan, added.
In a statement, Anglo Asian CEO Reza Vaziri commented: "I am very pleased to report another important quarter and year for Anglo Asian. We have made significant progress at a number of assets, namely Zafar, Gilar and XarXar, which will be critical to providing production in the near-term. The expansion of our flotation plant will also provide significant operational flexibility as we ramp up production in the medium-term."
"Following the acquisition of three new contract areas in mid-2021, the company has been formulating a strategy to transition into a mid-tier, copper-focused miner, accelerating our production with the intention of capitalising on the global decarbonisation agenda. This strategy is within the final stages of its development, and I look forward to updating the market on this during Q1 2023," he added.
On the operations front, Anglo Asian noted that significant progress has made at Zafar, with a number of developments including portal construction having been commenced, the mine design almost finalised, and the underground mining fleet and ancillary equipment ordered.
It also said that the flotation plant expansion is underway, which will double the processing capacity of the existing plant and provide additional operational flexibility, and equipment has been ordered for an additional flotation line to produce a zinc concentrate. The company said this expansion forms part of an increase in throughput capacity in the short and medium term.
Anglo Asian said mine development at Gilar is well underway, with preliminary mineral resource published, yielding very encouraging results and the construction of an exploration/development decline into the ore body started, while targeted surface drilling continues.
It also noted that the exploration of XarXar is ramping up with tunnelling into the mineral zone ongoing and surface drilling continues.
The company said it had cash of $20.3mln on 31 December 2022 (30 September 2022: $15.3mln), having paid a 2022 interim dividend of $4.6mln and made an initial payment for the Zafar underground mining fleet of $0.5mln in the fourth quarter of 2022.
Inventory at market value was $3.6mln as of 31 December 2022 - comprising gold and silver bullion of $2.5mln and copper concentrate of $1.1mln.
Post-year end, the company made its third investment in Libero Copper & Gold of C$390,000 (US$289,00) to maintain its 19.8% shareholding.