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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.
Anglo Asian aims for record 2019 Anglo Asian aims for record 2019 Anglo Asian aims for record 2019 Anglo Asian aims for record 2019 Anglo Asian aims for record 2019

Gedabek is expected to perform even better in 2019

Staff reporter

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.