Anglo Asian Mining (LON:AAZ) produced a record amount of gold in 2015 as its recovery strategy kicked in fully.
The Azerbaijan-based miner produced just short of 18,000 ounces of gold in the last three months of 2015 to make around 72,000 ounces for the whole year, a 19% increase over 2014. Anglo Asia’s forecast was for between 70-75,000 ounces.
Gold dore sales for the year totalled 63,924 ounces at an average price of $1,161 per ounce.
In addition, there was US$3.3mln of revenue generated from copper sales with its new flotation plant starting to contribute from the fourth quarter along with higher grade ore from the newly commissioned Gadir mine.
Reza Vaziri, chief executive, said the flagship mine at Gedabek had made significant progress over 2015.
“With production at Gedabek increasing, the successful launch of our flotation plant in Q3 2015 and our continuing plant optimisation to improve efficiencies and cost controls, I believe we have delivered on our turnaround strategy this year to return Anglo Asian to profitability.”
Net debt was US$49.2mln at the year end.