Anglo Asian upbeat on first quarter production at Gedabek

14th Apr 2022 14:47

(Sharecast News) - Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining reported first quarter gold production of 10,040 ounces at its Gedabek contract area in an update on Thursday, down from 11,907 ounces a year ago.

The AIM-traded firm said its copper production for the three months ended 31 March fell to 568 tonnes from 638 tonnes year-on-year, while silver production grew to 50,689 ounces from 35,365 ounces.

Total production came in at 13,720 gold equivalent ounces, calculated using actual metal prices.

On the financial front, Anglo Asian said it had cash of $29.4m (£22.49m) at period end on 31 March, down from $37.5m at the end of December.

That came after it made a further $2.8m investment in Libero Copper & Gold Corporation in January, while tax payments on profits of $3m were made in the first quarter.

The company's inventory was valued at $8m as at 31 March, made up of 2,012 ounces of gold valued at $3.9m and copper concentrate valued at $4.1m.

"I am pleased to report a solid start to 2022, with total production of 13,720 gould equivalent ounces in the first quarter at our flagship Gedabek mine," said chief executive officer Reza Vaziri.

"Looking ahead, we remain in a strong financial position to execute our growth strategy.

"We are staying very focused on commencing production this year at Vejnaly and at the recently discovered Hasan vein at Gosha."

Vaziri said the company would update shareholders on its production guidance for the full year later in the first half.

At 1336 BST, shares in Anglo Asian Mining were up 3.69% at 97.99p.