Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) hailed the current quarter just ended as a turning point for the miner with permission to restart operations and raise its tailings dam wall at the Gedabek mine in Azerbaijan.
A first lift in the wall by 2.5 metres will be completed in November 2024 while production restarted from its agitation leaching plant last month.
Third quarter production totalled 3,040 gold equivalent ounces (GEOs) against 5,295oz a year ago, mostly gold.
For the nine months of the year so far, production has totalled 8,310 GEOs against 28,686 GEOs in 2023.
In the third quarter, gold bullion sales amounted to 3,220oz at an average price of $2,497oz with net debt at the end of the period of US$14 million.
Full year 2024 production guidance was maintained at 15,000 to 19,500 GEOs with Anglo adding it remains on schedule to restart its flotation processing in November with the first production from the Gilar mine scheduled in December.
Reza Vaziri, chief executive, commented: "This quarter has been a turning point for the company as we move towards fully restarting production after a year of partial shutdown.
“Our agitation leaching production restarted in September, with only minor snagging, and the effect on our production was felt immediately.
“Despite only limited agitation leaching production in September, our doré production increased in the month to 1,369 ounces from 824 ounces in August.
"The restart of agitation leaching production has generated considerable momentum for the Company.
“Adding to this momentum is the opening of the flotation plant in November and mining the first ore from Gilar, which remains on track to commence in December.
“We are also benefiting from the recent increases in the gold price."