Anglo-Asian Mining gets 28% rise in precious metals production in Azerbaijan

Baku. 11 October. REPORT.AZ/ British Anglo-Asian Mining Plc. increased the total production expressed as gold equivalent ounces ("GEOs") by 28 per cent to 61,761 GEOs, Report informs citing the company.

Gold production amounted to 54,573 ounces (+45%), copper production to 1,057 tonnes (-43.5) and silver production to 144,362 (+15%) ounces.

Continued improvement in total production in Q3 2018 expressed as gold equivalent ounces ("GEOs") with a 28 per cent quarter-on-quarter and a 38 per cent year-on-year ("y-o-y") increase to 24,412 GEOs.

Compared to a year earlier, gold production increased by 47 % to 21,318 ounces, copper production declined by 14.5% to 470 tonnes and silver production grew by 47% to 59,346 ounces.

The company sold 18,637 ounces of gold bullion at an average of $1,216 per ounce (Q2 2018 gold bullion sales of 10,822 ounces at an average of $1,307 per ounce).

As of September 30, 2018 the net debt fell to $2.8 million from $2.9 million.

The Company predicts production for 2018  between 78,000 to 84,000 GEOs, an increase for the mid-point of this guidance of over 13 per cent compared to 2017 production of 71,461 GEOs.