Anglo Asian Mining PLC (LON:AAZ) has repeated previous guidance that its revenues will exceed US$100mln this year,
In a statement, the Azerbaijan-focused gold miner said output was 18,216 ounces on an equivalent basis in the three months to March, but helped by gold's strength relative to copper there was a dip in gold production to 15,874 ounces.
Production guidance for 2020 remains at 75,000 to 80,000 equivalent ounces.
Anglo added that one gold dore shipment was pushed into April due to disruption from the coronavirus (COVID-19) pandemic but even with this delay it generated cash of US$4.8mln.
The company noted that its cash position is US$26mln and it has no debt.
Production continues at the Gedabek mine in spite of coronavirus disruption, Anglo Asian added.
Reza Vaziri, Anglo Asian's chief executive said: "I am very pleased to report the first quarter 2020 production in line with the company's guidance despite the COVID-19 emergency.
“We did not ship our March gold doré production until April but the Company still generated significant cash in the quarter due to the increasing gold price and is now debt-free.”