(Alliance News) - Anglo Asian Mining PLC on Monday said fourth quarter production was "significantly reduced" due to partially suspended operations, but said mining activity at Gedabek has resumed.
The Azerbaijan-focused copper, gold and silver producer said total production for the fourth quarter of the year fell 79% to 3,080 gold equivalent ounces from 14,532 GEOs in the corresponding quarter a year ago.
Total production for the year was in the mid-range of its guidance of 30,000 to 34,000 GEOs at 31,821 GEOs, down 33% from 57,618 in 2022.
Lower quarterly and annual production was disrupted by a partial suspension at its Gedabek mine in Azerbaijan after an environmental audit by Micon International Ltd in July carried out a full inspection at the government's request, based on allegations of environmental contamination.
In September, Anglo Asian reported that Gedabek's radiation levels were aligned with natural background conditions for the area, no issues were found with air quality, and no cyanide was found in any soil sample above the limits of analytical detection.
Anglo Asian was then allowed to restart operations in November after it signed a protocol with the government on an "environmental action plan", based on measures identified by Micon.
The firm also reported net debt of USD10.3 million at December 31 compared to net cash of USD1.6 million a year before.
Chief Executive Officer Reza Vaziri said: "Despite a number of challenges faced during the period, we are pleased to announce production within four previously revised guidance range. In November, we were pleased to agree a protocol with the Government of Azerbaijan to restart our operations, and mining at our flagship Gedabek mine recommenced in December. We continue to make meaningful progress in restarting flotation production, which is on-track to begin from [the second quarter of 2024]."
Anglo Asian Mining shares were 0.2% lower at 54.90 pence each on Monday morning in London.
By Sabrina Penty, Alliance News reporter
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Anglo Asian (AAZ)