Anglo Asian Mining expects rise in full-year gold production
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.
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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Higher rates are disappearing – should you fix your savings?
Fixed savings rates have dropped to their lowest levels in over a year. Should you fix your savings now ahead of a potential base rate cut in November?
By Katie Williams Published
-
Nine million people fall victim to financial scams, says Citizens Advice
The charity says that around one in five people across the UK have been caught out by a finance scam in the past year - here is how to protect your money
By Chris Newlands Published