LONDON (Alliance News) - Anglo Asian Mining PLC on Thursday guided for "another year of delivery" in 2019, though gold production is set to fall after a year of growth.
Shares were down 6.8% on Thursday at a price of 82.94 pence each.
Anglo Asian mines from the Gedabek gold-copper pit in Azerbaijan. It also owns the Gadir gold-copper mine and the Gosha gold mine, as well as an exploration site at Ordubad, all in Azerbaijan.
In 2018, Anglo Asian produced 83,736 ounces of gold equivalent, compared to guidance of 78,000 ounces to 84,000 ounces. This 2018 figure was 17% higher year-on-year.
For 2019, Anglo Asian has guided for production of between 82,000 ounces of gold equivalent and 86,000 ounces.
Gold output is guided for 65,000 ounces to 67,500 ounces, from 72,798 ounces in 2018, a figure 22% higher than in 2017.
In 2019, gold equivalent ounces in the form of copper and gold concentrate will be between 28,000 ounces and 30,000 ounces, up from just 17,791 ounces in 2018.
The increase in copper production, which will offset gold decline, is due to a full year of stand-alone operations of the flotation plant. Gold production will fall due to lower grades at the leaching plant, Anglo Asian said.
Anglo Asian is assuming a gold price of USD1,250 per ounce during 2019, silver at USD15 per ounce, and copper at at USD6,100 per tonne.
Gold was quoted at USD1,305.85 an ounce Thursday, and copper at USD6,260.65 a tonne.
Anglo Asian (AAZ)