Anglo Asian Mining PLC FY2018 Production Guidance of 78,000 - 84,000 GEOs (9506D)
February 06 2018 - 1:00AM
UK Regulatory
TIDMAAZ
RNS Number : 9506D
Anglo Asian Mining PLC
06 February 2018
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
6 February 2018
Anglo Asian Mining plc
Production Guidance for Full Year 2018
Over 13 per cent. increase in 2018 production compared to the
previous year to 78,000 - 84,000 gold equivalence ounces
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to announce its production guidance for the year ended 31
December 2018 ("FY 2018").
Overview
-- Forecast production for FY 2018 of between 78,000 to 84,000
gold equivalent ounces ("GEOs"), an increase for the mid-point of
this guidance of over 13 per cent. compared to FY 2017 production
of 71,461 GEOs
-- Forecast production for FY 2018 of between 64,000 to 70,000
ounces of gold (FY 2017: 59,617 ounces of gold produced) and
between 2,100 to 2,300 tonnes of copper (FY 2017: 1,991 tonnes of
copper produced)
-- Increase in total anticipated production during 2018
resulting from the optimisation initiatives undertaken at Gedabek
in 2017, with continuation of production from the new Ugur open pit
and Gadir underground mines and recommencement of mining in the
Gedabek main open pit
-- Start-up of second crusher line for the flotation plant in Q2
2018 will enable copper production to increase
Anglo Asian CEO Reza Vaziri commented, "2018 is shaping up to be
a year of delivery for Anglo Asian with production of between
78,000 to 84,000 gold equivalent ounces planned by our operational
team. The mid-point of this guidance is over 13 per cent. higher
than FY 2017 production and continues the upward trajectory from
last year which we believe will continue in the coming years. As in
previous years, the second half of 2018 is expected to be better
than the first due to seasonal factors and the added momentum of
the flotation plant processing on a stand-alone basis from Q2
2018.
"Key to the future growth of the Company will be expansion
opportunities and with this objective we are commencing a
substantial geological exploration programme at Gedabek. I look
forward to reporting details of this programme in the coming
weeks."
Assumptions
The production guidance has been calculated using the following
budgeted metal prices for 2018:
- Gold: $1,250 per ounce
- Silver: $17 per ounce
- Copper: $6,800 per tonne
The production guidance is for 100 per cent. of the Company's
production which will be subject to an expected 12.75 per cent.
production share throughout 2018 with the Government of Azerbaijan
under the Company's existing production sharing agreement.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit www.angloasianmining.com or
contact:
Anglo Asian Mining Tel: +994 12 596
Reza Vaziri plc 3350
----------------- ------------------- ------------------
Anglo Asian Mining Tel: +994 502 910
Bill Morgan plc 400
----------------- ------------------- ------------------
Anglo Asian Mining Tel: +994 502 916
Stephen Westhead plc 894
----------------- ------------------- ------------------
Ewan Leggat SP Angel Corporate Tel: +44 (0) 20
Finance LLP 3470 0470
Nominated Adviser
and Broker
----------------- ------------------- ------------------
Soltan Tagiev SP Angel Corporate Tel + 44 (0) 20
Finance LLP 3470 0470
----------------- ------------------- ------------------
Susie Geliher St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
----------------- ------------------- ------------------
Lottie Wadham St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
----------------- ------------------- ------------------
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer in Central Asia with a broad portfolio of production and
exploration assets in Azerbaijan. The Company has a 1,962 square
kilometre portfolio, assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract
area ("Gedabek") which is a 300 square kilometer area in the lower
Caucasus mountains in western Azerbaijan. The Company developed
Azerbaijan's first operating gold/copper/silver mine at Gedabek
which commenced gold production in May 2009. Mining at Gedabek was
initially from its main open pit which is an open cast mine with a
series of interconnected pits. The Company also operates the high
grade Gadir underground mine which is co-located at the Gedabek
site, In September 2017, production commenced at the Ugur open pit
mine, a recently discovered gold ore deposit at Gedabek. The
Company has a second underground mine, Gosha, which is 50
kilometres from Gedabek. Ore mined at Gosha is processed at Anglo
Asian's Gedabek plant.
The Company produced 71,461 gold equivalent ounces ('GEOs') for
the year ended 31 December 2017. Gedabek is a polymetallic project
which demonstrates a high copper content at the main open pit mine,
and an oxide gold-rich zone at Ugur. The Company therefore employs
a series of flexible processing routes through which to optimise
recoveries and efficiencies. The Company produces gold doré through
agitation and heap leaching operations, copper concentrate from its
Sulphidisation, Acidification, Recycling, and Thickening (SART)
plant and also a copper and precious metal concentrate from its
flotation plant, which is processing tailings from the agitation
leach plant. A second dedicated crusher line is also currently
being installed for the flotation plant to enable it to operate
independently of the agitation leaching plant.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for other properties in order to fulfil its expansion
ambitions and become a mid-tier gold and copper metal production
company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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