Anglo Asian to publish Zafar resource Azerbaijan

Output from the Gedabek mine, also in Azerbaijan, was 16,740oz in the three months to end June.

Anglo Asian Mining PLC (LON:AAZ) upped production slightly in its latest quarter but left its estimate for the current year unchanged at between 64,000 to 72,000 gold equivalent ounces.

The miner also said it expects to produce a maiden resource estimate for the new Zafar deposit in Azerbaijan either by the end of this month or early next.

Reza Vaziri, chief executive, added: “The company continues to work hard on the top-priority exploration of the new Zafar deposit, which has already demonstrated significant copper-gold drill hole intersections with encouraging copper, zinc and gold grades.”

Output from the Gedabek mine, also in Azerbaijan, was 16,740oz in the three months to end June, against 15,431oz in the first quarter.

Most of the increase was gold, where output went up to 12,342oz from 12,035oz.

Second-quarter gold sales amounted to 13,947oz at an average price of US$1,808 per oz, with cash at the end of the period rising to US$36.6mln (US$22.9mln).

For the half-year to June, Anglo produced an equivalent 32,171oz (32,501oz).

Vaziri added:  “The company produced a solid performance in the second quarter with production increasing to 16,740 gold equivalent ounces compared to 15,431 in the first quarter.”

Cash generation during the second quarter was excellent at US$13.7mln, he added.

Source: Pro Active Investors