Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it is ramping up to full production after receiving authorisation to raise the tailings dam wall at the Gedabek mine.
Construction of the new wall started on 6 August 2024, with the mine now moving towards normalised production again, according to the gold and copper miner.
Agitation leaching and flotation production was suspended while approval for the new wall was sought, which resulted in half-year revenues falling to US$13.4 million from US$30.8 million.
Gold bullion sales were 6,000 ounces (H1 2023: 10,506 ounces) partially offset by a higher average gold price of $2,174 per ounce (H1 2023: $1,939 per ounce), Anglo Asian said.
Interim losses were US$5.5 million (H1 2023: profit of $1.4 million) with net debt of US$12 million at the end of the period.
Production guidance for the full year remains unchanged at 15,000 to 19,500 gold equivalent ounces.
Reza Vaziri, chief executive said it was a ‘satisfactory performance’ given the partial suspension of processing throughout the period.
"During this time of significantly reduced production, we have taken a number of important steps to deliver future growth and achieve our medium-term target of becoming a mid-tier producer.
“We are currently ramping up towards previous rates of production and are also close to bringing Gilar into production.”