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LONDON (Alliance News) - Anglo Asian Mining PLC on Thursday said it recorded strong growth in its most recent quarter and expects annual production to reach the upper end of guidance.
Shares in Anglo Asian mining were down 7.0% at 61.88 pence on Thursday.
The Azerbaijan-focused mining company recorded a 38% year-on-year increase in production to 24,412 gold equivalent ounces in the third quarter of 2018.
Anglo Asian had 28% increase in production quarter-on-quarter, with year-to-date production also up 28% to 61,761 gold equivalent ounces in the quarter.
"Given the strong production in the year so far, I am expecting production for the full year to be at the upper end of our guidance," said Chief Executive Reza Vaziri.
The miner's net cash as at September 30 stood at USD2.8 million. A maiden dividend of USD0.03 per share for the 2018 year is to be paid November 8.
"This has been another excellent quarter for Anglo Asian as copper production restarted from the flotation plant following the commissioning of the second crusher line," said Vaziri.
"This is an exciting time for Anglo Asian as we prepare to pay our maiden dividend in November," Vaziri added.
