Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF, FRA:A4A) delivered record half-year production and lifted net cash to $57.6 million as the ramp-up of its Demirli copper mine accelerated through the second quarter.
Copper production rose to 5,129 tonnes in the three months to June, up 38% from 3,711 tonnes in the first quarter. Demirli contributed 3,250 tonnes, with a further 1,879 tonnes produced at Gedabek. First-half copper output reached 8,840 tonnes, compared with 1,188 tonnes a year earlier.
The Azerbaijan-focused miner generated a $39.9 million increase in net cash during the quarter. Cash stood at $69.8 million at the end of June, while debt fell to $12.2 million. First-half concentrate sales amounted to 58,577 dry metric tonnes worth $125.9 million, including $71.4 million from Demirli.
Gold production totalled 12,329 ounces in the half year and silver output reached 92,855 ounces. Anglo Asian reiterated full-year guidance of 20,000–25,000 tonnes of copper, 28,000–33,000 ounces of gold and 170,000–210,000 ounces of silver, with Demirli expected to reach steady-state production during the third quarter.
