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Anglo Asian Mining PLC - London-based gold, copper and silver producer focused on Azerbaijan - Produces 28,772 gold equivalent ounces in the first half of 2022, falling 11% from 32,171 GEOs a year ago. Gold production during the period totals 20,906 ounces, down 14% from 24,247 ounces a year ago. Copper production falls by 3.8% to 1,283 tonnes from 1,333 tonnes.
However, silver production increases 26% to 99,499 ounces from 78,980 ounces.
Chief Executive Officer Reza Vaziri says: "We are now working on our three-year production plan and to summarise our resources. The three new contract areas transform our asset base, and we are excited to begin our transition into a copper focused miner."
Anglo Asian says Vejnaly and the Hasan vein are expected to enter into production in the second half of this year. It also plans to start production at Zafer in 2023. As at June 30, cash stood at USD21.1 million, down from USD29.4 million on March 31.
On July 5, the company was granted three new contract areas, covering a combined area of 882 square kilometres in Xarxar, Garadagh and Demirli. The firm received the contract areas after the Parliament of Azerbaijan ratified amendments to Anglo Asian's production sharing agreement.
Current stock price: 81.20 pence, down 3.9%
12-month change: down 39%
By Xindi Wei; xindiwei@alliancenews.com
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