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Anglo Asian Mining shares jump as it delivers 22% boost to production from Gedabek

Production boost comes as new mine and new plant comes on stream
Anglo Asian Mining shares jump as it delivers 22% boost to production from Gedabek
Anglo Asian remains on track to hit production targets

Anglo Asian Mining Plc (LON:AAZ) saw its shares jump higher on Tuesday as the AIM-listed miner delivered a 22% year-on-year increase in total production of gold equivalent ounces for the first half of 2018.

Total production from the Gedabek gold, copper and silver mining contract area in western Azerbaijan rang in at 37,349 gold equivalent ounces, a performance the company characterised as “excellent”.

READ: Dividend plan underlines confidence at Anglo Asian Mining

Anglo Asian had net debt of US$2.9mln at 30 June 2018, a reduction of US$7.5mln since 31 March 2018.            

Anglo Asian also said a second crusher line is now in operation at Gedabek with the agitation leaching and flotation plants now processing independently.

"Our operations are moving up a gear with the new Ugur mine and second crusher line adding significantly to our production capacity and, I believe, we are well placed to meet our financial year 2018 production target of between 78,000 to 84,000 gold equivalent ounces,” said chief executive Reza Vaziri.

“We are accordingly creating a sound financial position from which to announce and pay a maiden dividend, in line with our previous announcements, following completion of the share capital reduction proposed in the recent circular to shareholders.”

In early morning trading, Anglo Asian Mining shares were 13% higher at 51p.

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