Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Anglo Asian’s gold equivalent production increases by 26% to 18,307 ounces in the first quarter

The expansion of the mining capacity at Gedabek is beginning to pay off
Increased gold production has helped cut debt

Anglo Asian Mining Plc (LON:AAZ) posted a 26% increase in the year-on-year production of gold equivalent ounces from its Gedabek project in Azerbaijan.

In the three months to March 31, Anglo Asian produced 18,307 gold equivalent ounces, up from the 14,577 equivalent ounces produced in the corresponding period of 2017.

READ: Anglo Asian Mining briefs investors on 2017 field campaign

Net debt was reduced by 43% during the first quarter to US$10.4mln, down from US$18.3mln at the end of the previous quarter.

Gross cash stood at US$8.6 million at the end of the March quarter.  

"This has again been another excellent quarter for the company given that production in the first quarter of the year is always our lowest due to the winter weather conditions,” said chief executive Reza Vaziri. 

“This strong increase in performance can be attributed to the optimisation and expansion initiatives which we implemented during the course of 2017, and, perhaps most importantly, the commencement of production from our new Ugur open pit. The increased production that Anglo Asian is now achieving, coupled with improved metal prices, is flowing through strongly to our cash generation. The discovery of new potential mines, such as Ugur, together with the conversion of already known but under-explored prospects across our contract lease areas, is crucial to the continued growth and enhancement of our total production profile."

In early trading, Anglo Asian mining shares were nearly 8.8% higher at 43.5p.

 -- Adds share price --



View full AAZ profile View Profile

Anglo Asian Mining PLC Timeline

Related Articles

September 26 2018
Pan African has now ceased operations at a troubled asset and is once more looking forward to growth
Copper in periodic table
October 23 2018
Bezant has a huge copper resource under licence in the Philippines
Gold on paperwork
April 16 2018
Dr Rodney Boucher leads on-ground exploration activities as the company pushes on in Victoria.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use