Anglo Asian Reiterates 2017 Target As Ugur Lifts Gold Production

LONDON (Alliance News) - Anglo Asian Mining PLC on Friday reiterated its targeted production ...

Alliance News 13 October, 2017 | 10:04AM
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LONDON (Alliance News) - Anglo Asian Mining PLC on Friday reiterated its targeted production for 2017, with gold production in its third quarter up 19% from the prior quarter, boosted by mining starting at its Ugur open pit in September.

The Azerbaijan focused gold, copper and silver producer said gold production at its Gedabek mine in western Azerbaijan rose 19% to 14,468 ounces in the quarter to the end of September, ahead of 12,140 ounces the previous quarter.

Copper production was 550 tonnes, and silver production 40,288 ounces, both reduced from 716 tonnes and 45,718 ounces in the second quarter, respectively.

Anglo Asian is still targeting total production in gold equivalent ounces for 2017 of between 64,000 to 72,000 ounces, just shy of the 72,304 ounces it produced for 2016.

In the third quarter, gold bullion sales were 9,287 ounces at an average USD1,286 per ounce, and copper concentrate shipments totalled 2,905 dry metric tonnes with a sales value of USD5.5 million.

"This has been an excellent quarter for Anglo Asian as the benefits of the strategic review earlier in the year are now being realised. The commencement of mining from Ugur in September is already having a very positive influence with gold production rising by over 2,300 ounces from the previous quarter. Anglo Asian expects a strong fourth quarter and finish to 2017 and I look forward to updating our shareholders on our progress," said Chief Executive Officer Reza Vaziri in a statement.

Shares in Anglo Asian were up 9.1% at 34.375 pence.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Anglo Asian Mining PLC 33.38 GBX -3.26 -
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