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Anglo Asian Mining says it expects revenues to rise above US$100mln in 2020

2020 is set to be another year of solid performance, according to chief executive Reza Vaziri

Anglo Asian Mining PLC - Anglo Asian Mining says it expects revenues to rise above US$100mln in 2020

Anglo Asian Mining PLC (LON:AAZ) has outlined its guidance for the 2020 financial year, projecting production in the range of 75,000 to 80,000 gold equivalent ounces.

Based on current metal prices, the company said it expected revenue to significantly increase to over US$100mln.

"Once again, 2020 is set to be another year of solid performance from Anglo Asian Mining,” said chief executive Reza Vaziri.

READ: AAZ hails 'remarkable achievement' as it clears debts

The company said its forecast is for 2020 gold production of between 65,000 to 67,000 ounces and copper output of between 2,200 and 2,400 tonnes.

It noted that gold production guidance is lower because a higher proportion of the Gedabek open pit ore is to be processed by agitation leaching and there will be less mining from the Ugur area.

“Despite the marginal reduction on the previous year's production, due to lower production from the Ugur mine, the increased metal prices seen so far this year should enable the company to maintain its financial performance as we progress into exploiting our recently reported new mineral deposits,” Vaziri said.

He added: “Future growth in both production and our resources and reserves continue to be highly important to Anglo Asian. We are continuing at pace with our exploration programme to identify possible further production expansion in our three existing contract areas.

“In this respect, we recently released the highly encouraging results from our exploration programme which highlights their potential. We also continue to look at other opportunities for expansion. I look forward to keeping the market informed of future developments."

The revenue guidance assumes a gold price of US$1,480 per ounce, US$17 per ounce silver and US$5,700 per tonne copper.

Quick facts: Anglo Asian Mining PLC

Price: 132.5 GBX

Market: AIM
Market Cap: £151.57 m

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