15 C
Supported byspot_img

Anglo Asian to publish Zafar resource Azerbaijan

Member of Europium Groupspot_img
Supported byspot_img

Output from the Gedabek mine, also in Azerbaijan, was 16,740oz in the three months to end June.

Anglo Asian Mining PLC (LON:AAZ) upped production slightly in its latest quarter but left its estimate for the current year unchanged at between 64,000 to 72,000 gold equivalent ounces.

The miner also said it expects to produce a maiden resource estimate for the new Zafar deposit in Azerbaijan either by the end of this month or early next.

Supported by

Reza Vaziri, chief executive, added: “The company continues to work hard on the top-priority exploration of the new Zafar deposit, which has already demonstrated significant copper-gold drill hole intersections with encouraging copper, zinc and gold grades.”

Output from the Gedabek mine, also in Azerbaijan, was 16,740oz in the three months to end June, against 15,431oz in the first quarter.

Most of the increase was gold, where output went up to 12,342oz from 12,035oz.

Second-quarter gold sales amounted to 13,947oz at an average price of US$1,808 per oz, with cash at the end of the period rising to US$36.6mln (US$22.9mln).

For the half-year to June, Anglo produced an equivalent 32,171oz (32,501oz).

Vaziri added:  “The company produced a solid performance in the second quarter with production increasing to 16,740 gold equivalent ounces compared to 15,431 in the first quarter.”

Cash generation during the second quarter was excellent at US$13.7mln, he added.

Source: Pro Active Investors

Supported byElevatePR Digital

Related News

Azerbaijan developing significant gold, copper and other minerals resources

The British company Anglo Asian Mining PLC (AAM), which mines gold, silver, and copper in Azerbaijan, has completed a preliminary assessment of the mineral resources of...

Azerbaijan, AzerGold begins mining at Tulallar gold deposit

Azerbaijan’s AzerGold CJSC has began mining on the Tulallar gold deposit, positioned on the executive territory of the Goygol district, Trend reviews. The first mountaintop elimination course of...

Anglo Asian Mining announced the start of an expansion of its flotation plant

Anglo Asian Mining, a gold, copper and silver producer focused on Azerbaijan, today announced the start of an expansion of its flotation plant, which...

Armenia’s environmental crimes committed in Azerbaijani lands are said to cause $285 billion in damages

Azerbaijan’s President Ilham Aliyev vowed to start legal proceedings at international courts to demand compensation for the damage and ecological terror committed by Armenians...
Supported by
Supported by
Supported by
error: Content is protected !!