Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF), the gold, copper and silver producer, met output expectations in 2021 despite the challenges thrown up by the Coronavirus (COVID-19) pandemic.
The year saw the miner produce 64,610 gold equivalent ounces (GEOs), down from 67,249 ounces in 2020 but within the 64,000 to 72,000 ounces guidance range provided by the company.
Gold production fell to 48,680 ounces from 56,864 ounces the year before while silver production rose to 154,565 ounces from 122,962 ounces. Copper production rose to 2,649 tonnes from 2,591 tonnes the previous year.
The fourth quarter saw production dip to 15,949 GEOs from 16,593 ounces the year before, largely due to gold output sliding to 11,589 ounces from the previous year’s 13,534 ounces. Silver production rose to 38,673 ounces from 32,979 ounces the year before, while copper production rose to 743 tonnes from 696 tonnes.
In the final quarter of the year, Anglo Asian sold 13,153 ounces of gold bullion at an average of US$1,825 per ounce (Q4 2020: 18,072 ounces sold at an average of US$1,884 per ounce).
Reza Vaziri, the chief executive of Anglo Asian, declared himself very pleased with Anglo Asian's operating performance in 2021, as it overcame the logistical difficulties and other disruptions due to the COVID-19 pandemic in the first half of the year.
"It has been an exciting year for the company. We are developing new opportunities to grow both in Azerbaijan and abroad, with the three additional contract areas in Azerbaijan, and our recent strategic investment in Libero Copper & Gold Corporation.
“We enter 2022 in a strong financial position and will continue to execute our planned growth strategy. I look forward to providing an update on our technical study of the Vejnaly underground mine, with a view to commencing production later this year," Vaziri said.
Shares in Anglo Asian were up 2.8% to 110.5p in early deals.
