Anglo Asian Mining said it is on track to meet its gold production target of 60,000 ounces this year despite a decrease in output in the first quarter.
The company reported gold production of 8,585 ounces at Gedabek, its flagship mine in Azerbaijan.
Sales of 8,725 ounces of gold at an average of $1,638 per ounce were achieved.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It was down from the previous quarter's 14,530 ounces which was sold at $1,694 per ounce.
However, as the agitation leaching plant construction continues on budget and on-time - it is expected to improve gold recoveries significantly at Gedabek when commissioned in the first half.
"Our production target of 60,000 ounces for FY 2013, which represents a 20% increase on the 2012 figures, highlights our commitment to achieving significant growth and increasing value over the coming year," said Chief Executive Officer Reza Vaziri.
"This target has been set in view of the commissioning of the agitation leaching plant which is in the final stages of its construction and on track for commissioning in the first half of 2013."
RD
-
ONS wage growth data puts Bank of England UK interest rate cuts into doubt, analysts warnNews ONS wage growth data has shown earnings are continuing to rise at an inflation-busting rate. It means cuts to the base rate may come later in the summer
-
Most expensive street in Britain to buy on has houses with '£10m average asking price', Rightmove findsNews Rightmove found Buckingham Gate, close to Buckingham Palace, was the most expensive street in the country. Do you live near one that's been included on the list?
