LONDON (Alliance News) - Azerbaijan-focused gold, copper and silver producer Anglo Asian Mining PLC on Tuesday said gold production from the Gedabek mine rose in the first quarter, sending shares in the company higher in early trade.
Anglo Asian said gold production from the mine was 17,193 ounces in the first quarter of 2015, up from 17,053 ounces in the fourth quarter of 2014. Year-on-year, gold production was up 52%, it said. Gold sales in the quarter hit 17,206 ounces at an average of USD1,214 per ounce.
Copper production in the first quarter was 182 tonnes, down from 205 tonnes in the fourth quarter, while silver production hit 1,950 tonnes, down from 3,749 ounces in the fourth quarter.
The miner said its gold production target for the 2015 full year is 70,000 to 75,000 ounces.
"We are delighted to report exceptional gold and copper production for the first quarter, especially as the first three months of the year have historically seen production capabilities and ore throughput constrained at Gedabek due to the seasonal harsh winter conditions," said Reza Vaziri, Anglo Asian's chief executive.
"This is a highly credible performance for the quarter and shows that the various initiatives taken during 2014 to improve production performance are now starting to show positive results," said Vaziri.
Shares in the company were up 25% to 7.65 pence in early trade, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Anglo Asian (AAZ)