LONDON (Alliance News) - Anglo Asian Mining PLC had a strong start on the production front in 2019, the company said on Wednesday.
Gold equivalent production for the three months to March rose 11% on the year prior to 20,287 ounces.
Within this, gold production rose 5% to 17,245 ounces and copper output doubled to 513 tonnes.
Anglo Asian said its Gedabek mine in Azerbaijan hit the 20 metric tonnes of gold landmark during the quarter, after 10 years of production.
Chief Executive Reza Vaziri commented: "I am again very pleased to report an excellent quarter's production. The first quarter of the year is historically the poorest quarter of the year due to winter weather, so an 11% year-on-year increase, including a doubling of copper production, demonstrates excellent performance."
"I am also very pleased to report over 20 metric tonnes of gold equivalent have now been produced since the company started operations at Gedabek in 2009."
Anglo Asian's March 31 net cash position rose 77% to USD10.8 million from the end of December, it added.
Shares were 5.6% higher on Wednesday at a price of 77.11 pence each.
Anglo Asian (AAZ)