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Anglo Asian Mining 3Q Production Fell on Suspended Operations

Anglo Asian Mining said production across metals fell in the third quarter, and that it backs it recently downgraded full-year production target.

The Azerbaijan-focused gold, copper and silver producer said Monday that its gold production dropped to 5,295 gold-equivalent ounces in the quarter from 14,309 ounces in the same period a year before, due to operational suspensions at its Gedabek mine while an environmental review was being carried.

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Last month, the review concluded there was no environmental contamination at the mine, prompting a gradual restart at the mine, however flotation processing and agitation leaching have been suspended since the beginning of August.

Formal protocol to restart operations is now being agreed with the government of Azerbaijan, the miner said.

Copper production was 251 metric tons, down from 609 tons a year prior. Likewise, silver production fell sharply to 5,696 ounces from 45,063 ounces in the quarter.

Quarterly gold bullion sales were fewer, although realized at a higher average price.

A total of 2,900 ounces were sold at an average of $1,949 an ounce, compared with 10,000 ounces at an average of $1,727 an ounce a year prior.

Looking ahead, the company backed its recently downgraded full-year guidance of producing 30,000 to 40,000 gold-equivalent ounces.


Source: Market Watch

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