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TBILISI, Oct 22 (Reuters) – Azerbaijan's leading gold mining company, Anglo Asian Mining Plc , said on Tuesday its gold output declined 4.4% in the first nine months of 2019 to 52,198 ounces from 54,573 ounces in the same period last year.
Anglo Asian produces gold at Gedabek and other Azeri mines in a joint venture with the state in which the London-listed company holds a 51% stake.
It said total production of gold-equivalent ounces (GEO), which includes other metals, declined 2.7% year-on-year to 60,122 GEO in January-September from 61,761 GEO a year earlier.
Copper output rose to 1,478 tonnes from 1,057 tonnes, while silver output declined to 117,708 ounces from 144,362 ounces.
"Production guidance is maintained at the lower end of 82,000 to 86,000 GEO due to the decrease in copper price in relation to the increase in gold price since the start of 2019," the company said in a statement.
Total production last year was 83,736 GEO.
Anglo Asian began production at Gedabek, the bigger of two mines it operates, in July 2009. The second mining project is Gosha, which is situated 50 km (31 miles) northwest of Gedabek and contains at least nine mineralised zones.
The company started a significant exploration programme at the end of 2016 after making a new gold discovery at Ugur, 3 km (2 miles) from its Gedabek processing facilities.
It eventually plans to develop seven mines in western Azerbaijan, with estimated gold reserves of 430 tonnes in total.
(Reporting by Margarita Antidze in Tbilisi Editing by Matthew Lewis) ((firstname.lastname@example.org; +995322999370 Reuters Messaging: email@example.com)
I think it just got a bit ahead of itself + there was some vague bid chatter + gold price has slipped a little below the $1500. However looking in the round it is back to where it was 3 months ago & this time last year it was 70p. It's a small low cost producer with lots of exploration going on - so longer term it's upwards - as long as the gold price stays high + it pays a good dividend now with all debts cleared....
Re Takeover article talk - agree with the - there isn't a takeover until somebody says they are making one, and I think the share price should stand or fall on it's own merits (+ gold price). I think if you look back in past history that an outfit consisting of some of the Presidents own family made a complete cods wallop attempt at setting up a producing gold mining company. If wise they may feel it best to use the proven expertise - and potential outside money to get far more in taxes than trying to grab it all - and end up with none. Bird in the hand....
My understanding is that larger trades are often posted an hour late..at any time, spreadbets are sometimes settled about half an hour after close, and there can also be broker to broker trades, tidying up the books. That can account for many of after hours trades. gla.
I know there are trades out of hours, but it appears these are usually more limited because in a non live environment the spreads apparently often increase, due to the possible difficulty of fulfilment. i.e. for the risk they expand the difference. I speculate, but could it be that the spread now at e.g. £1.26 - £1.29 = if even larger could be prohibitive, especially as you say it seems mostly private small trades going through. Needs bigger traders, more excitement to trigger more fervent action? We seem to be in consolidation mode not £2 mode yet.
Big volume again today, but dried up and zero trades for the past hour? US figures released today shows cracks in their economy. Good news on developing aaz's fantastic geo survey results could come at any time now their cofers are repleat.
Seems harsh down to the £1.20 level - but must admit the lower it goes the more appealing it looks to buy some more - so now I have done so! £2 may be a while off now - but I do believe it will get there. Interesting also in the recent messages it has clearly stated it is looking at possible acquisitions in a couple of other countries. Along with it's own exploration it has definitely got legs...
Yes, it's only a reflection of the advantageous gold price - interestingly as you say they have increased the stockpile - is this just because they can, or perhaps to then utilise the equipment elsewhere on a discovery? - but he nett effect is to be able to reduce future costs when put through for processing, and as it has been accounted for as 'stock' is also a further source of cash, that is not showing up as cash on the balance sheet currently. Just got to keep that gold price high.....!
I agree it had got a bit ahead as everybody gets over excited - the big if is the gold price, which currently still has a positive outlook medium term. AAZ itself has lots of positive exploration to get it's teeth into, which it can now put the money into - so I believe it has more potential upside than most.
Results were as expected. Nothing whatsoever wrong with performance. The issue was of course the runaway share price which affected quite a few precious metal stocks during late summer.
AAZ got ahead of itself trading in the 160-170 range and I don't see it returning there this quarter if gold keeps testing the $1480 support. HGM down to 200p, TSG at 99p, HOC at 186p to name a few that have suffered a similar fate.