Business
Q1 2019 Production and Operations Review
Q1 2019 Production and Operations Review.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6513V Anglo Asian Mining PLC 10 April 2019 \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n10 April 2019\n \nAnglo Asian Mining plc\nQ1 2019 Production and Operations review \n \n11 per cent. Increase in Year-on-Year Production and Increase in Net Cash to $10.8 million\n \nAnglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area (\"Gedabek\") in western Azerbaijan for the three months to 31 March 2019 (\"Q1 2019\").\n \nNote that all references to \"$\" are to United States dollars.\n \nOverview\n \n· 11 per cent. increase in year-on-year (\"y-o-y\") gold equivalent ounce (\"GEOs\") production to 20,287 GEOs (Q1 2018: 18,307 GEOs) \n· Gold production increased by 5 per cent y-o-y to 17,245 ounces (Q1 2018: 16,491 ounces) due to increased gold production by flotation \n· Doubled y-o-y copper production to 513 tonnes (Q1 2018: 255 tonnes) due to flotation processing operating throughout the quarter in parallel with gold doré production by leaching\n· The landmark total of 20 metric tonnes of gold equivalent produced by Gedabek since commencement of operations in 2009 was achieved during the quarter \n· 77 per cent. increase in net cash to $10.8 million at 31 March 2019 (31 December 2018: $6.1 million)\n· Gross cash of $17.7 million at 31 March 2019 (31 March 2018: $8.6m)\n \nAnglo Asian CEO Reza Vaziri commented, \"I am again very pleased to report an excellent quarter's production. The first quarter of the year is historically the poorest quarter of the year due to winter weather, so an 11 per cent. year-on-year increase, including a doubling of copper production demonstrates excellent performance. I am also very pleased to report that over 20 metric tonnes of gold equivalent have now been produced since the Company started operations at Gedabek in 2009. Notably, the Company continues to generate cash with our net cash balance increasing by $4.7 million despite a $3 million payment of corporate taxation in the quarter.\"\n&...