LONDON (Alliance News) - Anglo Asian Mining PLC Thursday said it has increased gold production at its Gedabek Mine by 31% in the third quarter compared to the previous year as a new processing plant came into operation.
The Azerbaijan-based gold, copper and silver mining company said its gold production increased to 20,242 ounces for the three months ended September 30 compared to 14,044 ounces in the same period the previous year.
The company has recently posted lower gold production rates at the site, with its second quarter level being 8,912 ounces as it awaited the commissioning of a new Agitation Leaching Plant, which came online in June and helped improve gold discoveries.
Anglo Asian noted that, against the growth in production, prices have significantly decreased during the year, with the weighted average gold sales price falling to USD1,328 from USD1,655 the previous year.
The company also said it is on track to lower operating costs at the Gedabek site to between USD450 per ounce and USD500 per ounce by the end of its full year, and that it is on target to produce 22,300 ounces of gold in its fourth quarter and to produce 60,000 ounces of gold for its full year.
Anglo Asian Mining shares were up 4.9% to 32.00 pence in early trading Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Anglo Asian (AAZ)