(Alliance News) - Anglo Asian Mining PLC on Wednesday said its performance in the second quarter of 2020 was hurt by the coronavirus pandemic.
The copper & gold producer in Azerbaijan said gold production declined in the three months to the end of June to 12,048 ounces from 17,149 ounces a year earlier, due to the lower grade of ore processed from the Gedabek open pit and less ore mined from the Gadir underground mine.
"The Covid-19 pandemic has had some effect on our operations at Gedabek including our second quarter production," said Chief Executive Reza Vaziri. "Whilst we are largely overcoming the issues, Gedabek is not yet operating as efficiently as prior to the pandemic."
Copper production, meanwhile, increased to 648 tonnes in the second quarter from 448 tonnes a year prior.
Going forward, the company said its current 2020 production guidance stands between 75,000 gold equivalent ounces to 80,000 gold equivalent ounces and revenue guidance of over USD100 million at current metal prices, with various measures being taken to increase production in the second half of the year.
"These include constructing a new decline to allow underground mining of the high-grade ore below the Gedabek open pit and the reprocessing by agitation leaching of previously heap leached ore with residual high gold grades," explained Vaziri.
AIM-listed Anglo Asian Mining shares closed 8.0% lower in London on Wednesday at 132.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Anglo Asian (AAZ)