Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF), the Azerbaijan-based miner, has kept its guidance for production this year as rising copper output is offsetting lower gold numbers.
Total production for the six months to end of June 2023 was 23,300 gold equivalent ounces (28,700).
Copper production rose by 45% over the half to 1,860 tonnes (t), but gold dropped 30% to 14,600oz as grades at the flagship Gedabek mine continue to decline.
Even with the lower gold output, production for the full year is still expected to be between 50,000-54,000oz gold equivalent, Anglo Asian added.
Reza Vaziri, chief executive, said the strategic plan is to become a producer of 36,000t of copper equivalent by 2028.
“This is underpinned by the three new contract areas acquired during 2022,” he added.
The execution of this plan is progressing well, he added, with, in particular, Gilar still on track to begin production in the fourth quarter of the year.
Cash at the period end was US$9.4mln.