(Alliance News) - Anglo Asian Mining PLC had "another" good quarter of production, it said Monday, contributing to a positive first-half performance.
For the second quarter ended June, Anglo Asian's production rose 3% year-on-year to 19,618 gold equivalent ounces, with first-half production climbing 7% on the year before to 39,905 ounces.
Second quarter production was marginally lower than the first quarter, Anglo Asian said, mainly due to a dip in copper as the firm focused on lower-grade areas. Anglo Asian expects copper grades to improve in the rest of 2019.
Anglo Asian mainly produces gold. In the second quarter, output rose 2.3% to 17,149 ounces, with first-half production jumping 3.4% to 34,394 ounces.
"This is another good quarter's production with a 7% year-on-year increase in the first half compared to 2018. The production in the quarter was slightly less than the previous quarter due to the planned mining of lower grade copper ore; however, we are expecting copper grades to increase for the rest of the year," said Chief Executive Reza Vaziri.
"The logistical issues in selling concentrate reported last quarter were resolved and the company had gross sales of USD7.6 million of concentrate in the quarter. The company continues to be a strong cash generator and our net cash increased by USD4.6 million in the quarter."
Looking ahead, Anglo Asian is confident on meeting 2019 guidance of 82,000 to 86,000 gold equivalent ounces. In 2018, output was 83,736 ounces.
Shares were 2.0% lower on Monday at midday at 120.60 pence each.
Anglo Asian (AAZ)