PRECIOUS METALS

Anglo Asian aims for record 2019

Azerbaijan-focused Anglo Asian Mining (AIM:AAZ) expects to produce a record volume of gold-equivalent ounces from its Gedabek copper-gold-silver mine in 2019, having set its guidance for the year at the highest level to date.

Staff reporter
Gedabek is expected to perform even better in 2019

Gedabek is expected to perform even better in 2019

Anglo Asian Mining is aiming for 82,000-86,000oz gold-equivalent, up from the previous year's guidance of 78,000-84,000oz and actual 2018 output of 83,736oz.

This is expected to be split between 65,000-67,500oz of gold and 3,100-3,300 tonnes of copper, up from the 72,798oz and 1,645t produced in 2018, respectively.

Anglo Asian attributed the higher copper forecast to 2019 being the first full year of stand-alone operation of its flotation plant. Gold output was expected to be lower on the grade of ore scheduled to be processed through the agitation leaching plant.

The company put copper and gold concentrate production for the year at 28,000-30,000oz gold-equivalent, compared to the 17,791oz produced last year.

The guidance was calculated using a gold price of US$1,250 per ounce, silver price of $15/oz and copper price of $6,100 per tonne.

Anglo Asian CEO Reza Vaziri said 2019 would be another "year of delivery" for the company.

"The increasing proportion of our production as copper and gold in concentrate also highlights the versatility of our processing operations," he said.

He said Anglo Asian's exploration and development programme underpinned its future growth.

"Two important elements of this programme are the results of the helicopter survey and the publication of the JORC mineral resource for Gardir, our underground mine which is already in production".

Vaziri said both further demonstrate the expansion potential of the Gedabek contract area.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.