(Alliance News) - Anglo Asian Mining PLC on Wednesday posted a decline in first quarter production, as it waits for government approval to raise its tailings dam wall in Azerbaijan.
For the three months ended March 31, the Azerbaijan-focused copper, gold and silver producer reported total production of 2,548 gold equivalent ounces, significantly lower than 10,969 ounces a year prior.
Of this, copper production fell to 54 tonnes from 847 tonnes the year before, gold fell to 2,252 ounces from 6,741 ounces, and silver fell to 6,410 ounces from 22,566 ounces.
According to Anglo Asian Mining, production fell as operations remain partially shut until the firm gets permission to raise its tailings dam wall. The firm submitted all necessary documents by March 14 to the Government of Azerbaijan, and is now awaiting receipt of the permission.
Total gold bullion sales came to 3,925 ounces, at an average of USD2,080 per ounce, compared to 5,719 ounces at an average of USD1,895 per ounce in the first quarter a year prior.
"Amid what has been a challenging time for the company, we have made important operational progress and our portfolio of development assets is progressing in line with our expectations. We await government permission to raise our tailings dam wall, a necessary step for resuming normal production levels and our ability to issue production guidance for the year. We anticipate the permit will be issued shortly and this will enable us to take advantage of the current strong metal prices for the benefit of all our stakeholders," said Chief Executive Officer Reza Vaziri.
Anglo Asian Mining shares were trading 0.8% lower at 63.00 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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Anglo Asian (AAZ)