Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it has still to return to full production at the Gedabek mine in Azerbaijan, though the final administrative formalities related to raising its tailing dam wall are expected to be completed imminently.
Operations remain partially shut down due to the tailings wall issue with gold production from heap leaching and copper production from SART.
Second-quarter production to June 2024 was 2,707 gold equivalent ounces (Q2 2023: 12,422 GEOs) and 5,270 oz (23,391oz) for the first half.
First-half gold bullion sales were 6,000 oz at an average of US$2,174 per oz (10,506 ounces at US$1,939 per oz).
Net debt on 30 June was US$12.1 million after a US$4.9 million cash outflow in the half year with inventory valued at $3.6 million.
Reza Vaziri, chief executive, commented: "Despite the ongoing challenges faced by the company, I am pleased with the substantial progress we have made, including amendments to our PSA and delivering all necessary technical and environmental approvals for the tailings dam wall raise, a critical step towards resuming full production of our operations.
"We expect to conclude all formalities imminently, enabling us to fully capitalise on the current robust metal prices to the benefit of our shareholders.
“We look forward to returning to normal operations and production shortly and providing production guidance for the year."