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Anglo Asian benefits from increased gold price as production at Gedabek rolls on and cash balances rise

Published: 08:35 15 Oct 2019 BST

Anglo Asian Mining PLC -
The gold price has strengthened in response to global economic uncertainty

Gold production at Anglo Asian Mining PLC’s (LON:AAZ) Gedabek project in Azerbaijan rose by 3% in the quarter to 30 September 2019 to 20,227 gold equivalent ounces.

That took year-to-date production to 60,122 gold equivalent ounces, which was slightly lower than the 61,761 gold equivalent ounces produced in the corresponding period in 2018.

Anglo Asian generated US$8.5mln during the quarter, taking the year-to-date total to US$17.6 mln.

The company had US$19.1mln net cash at 30 September 2019, up from US$15.2mln at the end of the previous quarter.

There was also a significant increase in average price of gold bullion sold in the third quarter to US$1,513 per ounce, up from an average in the second half of 2019 of US$1,319.

Full Year 2019 production guidance has been maintained at the lower end of 82,000 to 86,000 gold equivalent ounces.

An interim dividend of US$0.035 per share will be paid in respect of the year ending 31 December 2019 to shareholders on 31 October 2019

 "We are delighted to report another successful quarter for the Company with production increasing compared to the previous quarter and strong cash generation helped by the recent increase in the gold price,” said Anglo Asian chief executive Reza Vaziri.

“Production guidance is maintained at the lower end of 82,000 to 86,000 gold equivalent ounces due to the decrease in copper price in relation to the increase in gold price since the start of 2019."

 

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