LONDON (Alliance News) - Anglo Asian Mining PLC on Monday said it remains positive it will achieve its gold and copper production targets for 2016.
The mining company said it saw a slowdown in production in the first quarter of 2016 due to winter weather conditions and poorer grades. However, it has seen a significant pick up in gold dore production since the beginning of April due to better grades.
Given the "encouraging" pick up of production in the second quarter, Anglo Asian said it remains positive it will achieve its gold production target of between 73,000 and 77,000 ounces and copper production target of between 1,700 and 2,100 tonnes for 2016 on the whole.
"We are confident on the outlook for 2016 and delivery of our strategy to return your company to profitability. I would like to note that the market appears to be watching these achievements and I have been greatly encouraged to see the recent rise in Anglo Asian's share price," Chief Executive Reza Vaziri said in a statement ahead of the company's annual general meeting on Monday.
"I hope that this can continue so that the share price will eventually reflect the inherent value of your company. I look forward to updating shareholders on our progress throughout the rest of the year," Vaziri added.
Shares in Anglo Asian were trading up 12% at 15.70 pence on Monday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Anglo Asian (AAZ)