Business
Q2 2013 Gedabek Operations Update
Q2 2013 Gedabek Operations Update.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 0486J Anglo Asian Mining PLC 11 July 2013 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n11 July 2013\nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\nQ2 2013 Operations Update - Gedabek Gold/Copper/Silver Mine in Azerbaijan\n \nAnglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, is pleased to provide an update on production and operations at its flagship Gedabek gold/copper/silver mine ('Gedabek') in western Azerbaijan for the three months to 30 June 2013 ('Q2 2013').\n \nOverview\n· Gold production for Q2 2013 at Gedabek totalled 8,912oz\n· Q2 2013 gold sales of 5,505oz at an average price of US$1,438per oz\n· Agitation leaching plant construction commissioned on time and US$7 million under budget - expected to improve gold recoveries significantly at Gedabek for Q3 and Q4 2013\n· Gold production target for H2 2013 is 42,500oz Au and FY 2013 remains at 60,000oz Au (c.20% increase from FY 2012 gold production of 50,125oz)\n· Lower operating costs of US$450-500 per ounce\n· Copper, silver and gold production from SART processing operations for Q2 2013 totalled 63 tonnes of copper, 8,322oz of silver and 12oz of gold\n· Copper concentrate sales to Glencore during Q2 2013 totalled 1,040 wet metric tonnes ('WMT')\n· Net debt, being interest-bearing loans and borrowings less cash and cash equivalents, totals US$47 million\n \nAnglo Asian CEO Reza Vaziri said, \"During the quarter we were delighted to announce the successful commissioning of our new agitation leaching plant at Gedabek. In its first few weeks of operation, it processed ore at a rate of 67 tonnes per hour and produced 3,035 ounces of gold. We expect to ramp up the processing rate at the plant during H2 2013 to 100 tonnes of ore per hour and we are confident that this in conjunction with our existing heap leach operation, will produce 42,500 and 60,000 ounces of gold for H2 2013 and FY2013 respectively.\n \n\"In addition, 1,040 WMT of copper concentrate sales were realised during Q2 2013, and a further sales contract with Seagate signed, securing on-going sales in Q3 2013 which will see our copper concentrate product addin...