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.

SEC May Not Challenge Court Loss Against Grayscale Investments

America's Car Dealers Face Decreased Inventory Levels

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts

Alphabet Inc. Cl A Stock Rises on Favorable Trading Session
News

Alphabet Inc. Cl A Stock Rises on Favorable Trading Session

Alphabet Inc. Cl A stock rose in a favorable trading session, nearing its 52-week high. Competitors showed mixed perform...

Disney to Crack Down on Account-Sharing Amidst Growing Concerns
News

Disney to Crack Down on Account-Sharing Amidst Growing Concerns

Disney CEO Bob Iger reveals plans to address account-sharing concerns across Disney+, Hulu, and ESPN+. The company aims...

Arax Investment Partners Expands with Acquisition of Ashton Thomas Private Wealth
News

Arax Investment Partners Expands with Acquisition of Ashton Thomas Private Wealth

Arax Investment Partners strengthens its offerings by acquiring Ashton Thomas Private Wealth, an investment advisor mana...

Malaysian Mobile Network Operators Acquire Majority Stake in Digital Nasional
News

Malaysian Mobile Network Operators Acquire Majority Stake in Digital Nasional

Five Malaysian mobile network operators purchase a majority stake in Digital Nasional to strengthen their presence in th...