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LONDON (Alliance News) - Anglo Asian Mining PLC on Tuesday said its production from assets in Azerbaijan increased in 2018 despite a weak final quarter.
The AIM-listed mining company said output in the final quarter of 2018 declined to 21,945 gold equivalent ounces from 23,185 ounces reported for the same period a year earlier. The company said that the prior year benefited from higher grade ores due to the commencement of mining at the Ugur open pit mine in the Gedabek licence area.
Gold bullion sales decreased to 15,066 ounces at an average of USD1,231 per ounce in the final quarter of 2018, from 18,637 ounces sold in the third quarter at an average of USD1,216 per ounce. In the fourth quarter of 2017, sales totaled 18,520 ounces at an average of USD1,278 per ounce.
Total production in 2018 was 83,736 ounces, in line with guidance range of 78,000 ounces and 84,000 ounces and 17% higher from 71,461 ounces of gold equivalent recorded in 2017.
"This has been another excellent quarter which has resulted in Anglo Asian achieving full year production at the upper limit of its guidance," said Chief Executive Reza Vaziri.
In 2018, gold production increased by 22% to 72,798 ounces from 59,617 mines the year prior. Silver production also grew by 22% to 210,184 ounces, while copper production fell by 17% to 1,645 tonnes.
Gold bullion sales for the full year were 59,481 ounces at an average of USD1,265 per ounce, up from 43,496 ounces sold in 2017 at the same price.
Copper concentrate shipments to the customer totalled 7,675 dry metric tonnes with a sales value of USD15.4 million. In 2017, Anglo Asian shipped 8,499 dry metric tonnes of copper with a sales value of USD16.7 million.
"Anglo Asian is continuing to lay the foundations for long term sustainable production whilst delivering value and cash returns to its shareholders," added Vaziri.
The stock was trading 4.1% lower on Tuesday at 88.40 pence a share.
