The Azerbaijan-focused company remains on track to bring the new Zafar mine into production in 2023
Anglo Asian Mining PLC has reported higher copper and silver production in the third quarter and maintained its overall annual production guidance of 54,000 to 58,000 gold equivalent ounces (GEOs).
The AIM-listed gold, copper and silver producer also said the Zafar mine design has advanced well and that it remains on track to bring the new mine into production in 2023. Geotechnical drilling has been completed and the drill core is in the process of being tested, it said.
Anglo Asian produced 14,309 GEOs in the third quarter, compared with 16,316 GEOs in the year-earlier period, as lower gold production outweighed the increase in copper and silver output.
The Azerbaijan-focused company saw an improvement in its gold bullion sales compared with the year-earlier quarter. It sold 10,000 ounces of gold bullion at an average US$1,727 per ounce versus 6,828 ounces sold at an average US$1,815 an ounce in the third quarter of 2021.
Anglo Asian had cash of US$15.3mln as of 30 September 2022.
During the quarter, the company’s revised production-sharing agreement became law in Azerbaijan, granting the group three new contract areas, Pro Active Investors.