Business
Q2 & H1 2018 Production and Operations Review
Q2 & H1 2018 Production and Operations Review.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 8087U Anglo Asian Mining PLC 17 July 2018 \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n17 July 2018\n \nAnglo Asian Mining plc\nQ2 & H1 2018 Production and Operations Review \n \n22 per cent. year-on-year increase in total production for H1 2018 and net debt reduced in Q2 2018 by $7.5 million to $2.9 million \n \nAnglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area (\"Gedabek\") in western Azerbaijan for the three months to 30 June 2018 (\"Q2 2018\") and six months to 30 June 2018 (\"H1 2018\").\n \nNote that all references to \"$\" are to United States dollars.\n \nOverview\n \n· Continued improvement in total production in Q2 2018 expressed as gold equivalent ounces (\"GEOs\") with a four per cent. quarter-on-quarter and a 19 per cent. year-on-year (\"y-o-y\") increase to 19,042 GEOs \n· 22 per cent. y-o-y increase in H1 2018 total production to 37,349 GEOs\n· Net debt reduced to $2.9 million at end of June 2018 and all debt repaid except for the Pasha Bank low cost refinancing loan by 5 July 2018\n· Second crusher line now in operation at Gedabek with the agitation leaching and flotation plants now processing independently\n \nAnglo Asian CEO Reza Vaziri commented, \"Thanks to the successful completion of several initiatives, both operational and financial, Anglo Asian has delivered excellent performance in both the second quarter and first half of 2018. Our production from Gedabek continues on its upward trajectory with a 22 per cent. year on year increase in total production measured as gold equivalent ounces for the first half and we expect to see increased copper production this current quarter now the second crusher line is operating. \n \n\"The increase in total production has resulted in an outstanding financial performance with net debt in the quarter reducing by $7.5 million to $2.9 million. Furthermore, Anglo Asian had repaid all the Group's outstanding borrowings in early July, save for the Pasha Bank refinancing loan which bears ...