Anglo Asian Mining plc

Published : February 06th, 2018

Azerbaijan Anglo Asian targets gold output at 64,000-70,000 ounces in 2018

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Azerbaijan Anglo Asian targets gold output at 64,000-70,000 ounces in 2018

BAKU (Reuters) - Azerbaijan's top gold producer, Anglo Asian Mining (AAZ.L), forecast its gold output would be 64,000-70,000 ounces in 2018, up from 59,617 ounces produced last year, the company said on Tuesday.

The London-listed firm said it expects its total metal production to rise to 78,000-84,000 gold equivalent ounces (GEO) in 2018, up from 71,461 ounces last year.

The company's gold production fell to 59,617 ounces last year from 65,394 ounces in 2016, copper production rose 2.6 percent to 1,991 tonnes, and silver output rose 4.7 percent to 172,853 ounces.

Anglo Asian said the second half of this year was expected to be better than the first due to seasonal factors and a new flotation processing plant coming on line.

"Key to the future growth of the company will be expansion opportunities and with this objective, we are commencing a substantial geological exploration programme at Gedabek," Anglo Asian CEO Reza Vaziri said in a statement.

Gold is produced at Gedabek and other Azeri mines under a production venture in which Anglo Asian holds 51 percent and the state the remainder.

Anglo Asian began production at Gedabek, 350 km west of the capital Baku, in July 2009 with plans to extract 22 tonnes of gold. Overall, Anglo Asian plans to exploit seven mines in western Azerbaijan with estimated gold reserves of 430 tonnes.


(Reporting by Margarita Antidze; Editing by Louise Heavens)

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Gold and Silver Prices for these countries : Azerbaijan | Georgia | All

Anglo Asian Mining plc

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CODE : AAZ.L
ISIN : GB00B0C18177
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Anglo Asian Mining is a gold and copper development stage company based in United kingdom.

Anglo Asian Mining produces gold, copper, silver in Azerbaijan.

Its main asset in production is GEDABEK in Azerbaijan and its main exploration properties are GOSHA and ORDUBAD in Azerbaijan.

Anglo Asian Mining is listed in United Kingdom. Its market capitalisation is GBX 7.6 billions as of today (US$ 9.1 billions, € 8.0 billions).

Its stock quote reached its lowest recent point on July 10, 2009 at GBX 10.00, and its highest recent level on April 03, 2020 at GBX 99.80.

Anglo Asian Mining has 113 761 024 shares outstanding.

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Project news of Anglo Asian Mining plc
7/14/2016(Gedabek)Substantial increase in gold production at Gedabek mine, Aze...
5/25/2016FY2015 Results - Record gold production of 72Koz; 28.6Koz si...
5/28/2013Live alert - Market Movers: Leyshon Resources, Northcote Ene...
6/2/2006(Gedabek)encouraging results at Gedabek
Corporate news of Anglo Asian Mining plc
7/14/2016Q2 & H1 2016, Production Update, Operations Review
6/29/2016Hedging of gold sales for remainder of 2016
6/28/2016Result of AGM
6/27/2016AGM Statement
5/25/2016Final Results
4/13/2016Q1 2016 operations and production update, Gedabek
12/21/2015Floating exchange rate regime
11/24/2015Copper Concentrate Shipment from Floatation Plant
10/14/2015Q3 2015 Production Update
7/31/2015Total Voting Rights
7/22/2015Issue of Shares / Directors Dealing
4/14/2015Q1 2015 Gedabek Update
3/19/2015Director Dealing
3/16/2015Flotation Plant Update - Gedabek Mine Azerbaijan
3/16/2015Director Dealing
11/5/2014Q3 2014 Production and Operational Update
4/12/2006(Gosha)Preliminary results for the 11 month period ended 31 Dec 200...
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LSE (AAZ.L)
66.70+5.04%
LSE
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