logo-loader
viewAnglo Asian Mining PLC

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

Anglo Asian has built up a strong track record of production at Gedabek

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."

 

Quick facts: Anglo Asian Mining PLC

Price: 144 GBX

AIM:AAZ
Market: AIM
Market Cap: £164.72 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Anglo Asian Mining PLC named herein, including the promotion by the Company of Anglo Asian Mining PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Horse Hill well now 'two-thirds of way through sweet spot'

Headlines from the Proactive UK newsroom. Alba Minerals (LON:ALBA) has noted the report by operator UKOG that the Horse Hill-2Z well near Gatwick is now two-thirds of the way through the sweet spot and that sections of possible increased reservoir quality have been encountered.  Anglo...

on 4/11/19

2 min read