Anglo Asian Mining reiterates 2021 production target

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Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) saw production slow at the Gedabek mine in Azerbaijan over the past three months but maintained its full-year target.


Total output in the three months to end September 2021, its third quarter, was 16,316 gold equivalent ounces (18,190) and reflecting an end to production from the Ugur pit.


Gold produced dipped to 37,000 oz (43,300oz) while copper output was flat at 1,900 tonnes.


For the nine months of the current year, production has now totalled 48,487 GEOs (50,702 GEOs) and Anglo Asia reiterated its guidance of 64,000 to 72,000 GEOs for the full year.


Gold sales in the third quarter were 6,828oz at a price of US$1,815 per ounce.


Reza Vaziri, chief executive, said: “I am pleased to report a steady rate of production year-to-date as we continue to mine our existing sites, and we reiterate production guidance for the full year 2021.


“We made considerable progress in increasing our resources during the period and are now presented with several compelling growth opportunities.


“The high-quality Zafar deposit, and three exciting new contract areas, significantly strengthen our copper inventories. These will underpin our future long-term production and transition to a mid-tier producer.”

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