(Alliance News) - Azerbaijan-focused Anglo Asian Mining PLC said Tuesday gold output and sales both fell sharply in the third quarter, but cash generation was helped by stronger gold prices.
For the three months ended September, production fell 17% to 20,227 gold equivalent ounces from 24,412 ounces the year prior.
Underlying this, gold production fell 16% to 17,804 ounces from 21,318 ounces the year prior. Copper output rose 11% to 521 tonnes from 470 tonnes the year before. Silver production nearly halved to 33,354 ounces from 59,346 the year prior.
Gold sales fell 20% to 14,894 ounces from 18,637 ounces the year prior. Nonetheless, gold sales prices jumped 24% to USD1,513 per ounce from USD1,216 the year prior.
"We are delighted to report another successful quarter for the company with production increasing compared to the previous quarter and strong cash generation helped by the recent increase in the gold price," Anglo Asian Chief Executive Officer Reza Vaziri said.
Although lower on the same period the year prior, third quarter output rose 3.1% from the 19,618 ounces reported in the second quarter. Third quarter cash generation surged to USD8.5 million, compared to USD9.3 million over the six months of the year.
"Production guidance is maintained at the lower end of 82,000 to 86,000 gold equivalent ounces due to the decrease in copper price in relation to the increase in gold price since the start of 2019", Vaziri added.
Shares in Anglo Asian were 5.4% lower at 130.05 pence in London on Tuesday.
By Ahren Lester; ahrenlester@alliancenews.com
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Anglo Asian (AAZ)