Anglo Asian Mining Plc (LON:AAZ) has set production guidance for the full year ending December 2018 at between 78,000 and 84,000 gold equivalent ounces.
The production will come from the company’s mines in Azerbaijan, which are currently in an expansion phase. The guidance represents an increase over the mid-point of more than 13% on the 2017 number.
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The company expects to produce between 64,000 and 70,000 ounces of gold, and between 2,100 to 2,300 tonnes of copper.
The increase in total anticipated production during 2018 will results from optimisation initiatives undertaken at the Gedabek mine last year, with continuation of production from the new Ugur open pit and Gadir underground mines and recommencement of mining in the Gedabek main open pit.
Furthermore, the start-up of a second crusher line for the flotation plant in the second quarter of 2018 will enable copper production to increase.
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"2018 is shaping up to be a year of delivery for Anglo Asian with production of between 78,000 to 84,000 gold equivalent ounces planned by our operational team,” said Anglo Asian chief executive Reza Vaziri.
“As in previous years, the second half of 2018 is expected to be better than the first due to seasonal factors and the added momentum of the flotation plant processing on a stand-alone basis from Q2 2018. Key to the future growth of the Company will be expansion opportunities and with this objective we are commencing a substantial geological exploration programme at Gedabek. I look forward to reporting details of this programme in the coming weeks."