Anglo Asian Mining Reports Decreased Production in Q3

Anglo Asian Mining recently announced a decline in production across metals in the third quarter, and the company stands by its recently revised full-year production target. The Azerbaijan-focused gold, copper, and silver producer revealed that gold production fell to 5,295 gold-equivalent ounces in the quarter, a significant drop from the 14,309 ounces in the same period the previous year. This decrease was primarily due to operational suspensions at the Gedabek mine during an environmental review.

The environmental review, which concluded last month, found no evidence of contamination at the mine. This prompted a gradual resumption of operations; however, flotation processing and agitation leaching have remained suspended since August. Anglo Asian Mining is currently working on reaching an agreement with the government of Azerbaijan to restart operations formally.

The company also experienced declines in copper and silver production. Copper production decreased from 609 metric tons to 251 metric tons compared to the previous year, while silver production plummeted from 45,063 ounces to 5,696 ounces in the quarter.

Although quarterly gold bullion sales were lower overall, they were realized at a higher average price. Anglo Asian Mining sold a total of 2,900 ounces at an average of $1,949 per ounce. This is in contrast to the 10,000 ounces sold at an average of $1,727 per ounce in the same period a year before.

Despite these setbacks, the company remains committed to its recently adjusted full-year guidance. Anglo Asian Mining aims to produce between 30,000 and 40,000 gold-equivalent ounces for the year.