Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it has restarted mining at the Gedabek mine in Azerbaijan, with flotation operations to resume in the second quarter of this year.
Production was halted during Autumn 2023 due to an environmental audit at its operations with an action plan agreed with the government in November.
As a result of the disruption, output dropped to 31,821 gold equivalent ounces (57,618 GEOs) with 3,080 GEOs in the final quarter.
Reza Vaziri, chief executive, commented he was pleased to hit the revised production target despite the challenges during the year.
“We continue to make meaningful progress in restarting flotation production, which will begin from Q2 2024.
"Completing a maiden JORC mineral resource for Gilar marked a milestone for the company, confirming our internal estimates regarding the asset's potential.”
Net debt was US$10.3 million at the end of December 2023, with US$4.7 million paid to Caterpillar for the underground mining equipment to be used at the new Gilar mine.
Inventory at the year-end was worth U$7.1 million.