Anglo Asian Mining plc – Production Guidance for Full Year 2019
Thursday, February 7th, 2019
Full Year 2019 Metal Production Guidance of 82,000 to 86,000 Gold Equivalent Ounces Building on Record 2018 Production
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 highest ever production guidance for the year ended 31 December 2019 (“FY 2019”).
- Forecast metal production for FY 2019 of between 82,000 to 86,000 gold equivalent ounces (“GEOs”) compared to FY 2018 production of 83,736 GEOs (2018 production guidance of 78,000 to 84,000 GEOs)
- Forecast production for FY 2019 of between 65,000 to 67,500 ounces of gold (FY 2018: 72,798 ounces of gold produced) and between 3,100 to 3,300 tonnes of copper (FY 2018: 1,645 tonnes of copper produced)
- Increase in copper production during 2019 resulting from a full year stand-alone operation of the flotation plant offset by lower gold grades of ore processed by the agitation leaching plant
- Between 28,000 to 30,000 GEOs of FY 2019 production in the form of copper and gold concentrate compared FY 2018 production of 17,791 GEOs
Anglo Asian CEO Reza Vaziri commented, “2019 will be another year of delivery for Anglo Asian with total metal production of between 82,000 to 86,000 gold equivalent ounces planned by our operations team. This demonstrates the sustainability of our business and builds on our record production of 83,736 gold equivalent ounces in 2018. The increasing proportion of our production as copper and gold in concentrate also highlights the versatility of our processing operations.
“One critical pillar underpinning the future growth of the Company is our ongoing exploration and development programme. Two important elements of this programme are the results of the helicopter survey and the publication of the JORC mineral resource for Gardir, our underground mine which is already in production. These are both expected to be announced in this current quarter and should further demonstrate the expansion potential of the Gedabek Contract Area.”
The production guidance has been calculated using the following budgeted metal prices for 2019:
- Gold: $1,250 per ounce
- Silver: $15 per ounce
- Copper: $6,100 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 2019 with the Government of Azerbaijan under the Company’s existing production sharing agreement.http://www.angloasianmining.com