Business
Q2 & H1 2020 Production and Operations Review
Q2 & H1 2020 Production and Operations Review.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \n \n RNS Number : 0002T\n Anglo Asian Mining PLC\n 15 July 2020\n \n \n \n \n Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n \n \n \n \n 15 July 2020\n \n \n \n \n \n \n \n \n Anglo Asian Mining plc\n \n \n Q2 & H1 2020 Production and Operations Review \n \n \n Production of 14,819 gold equivalent ounces in Q2 2020 calculated using budget metal prices \n \n \n Increase in Cash to $29.2 million\n \n \n \n \n \n Anglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area (\"Gedabek\") in western Azerbaijan for the three months to 30 June 2020 (\"Q2 2020\") and six months to 30 June 2020 (\"H1 2020\").\n \n \n \n \n \n Note that all references to \"$\" are to United States dollars.\n \n \n \n \n \n Overview\n \n \n \n \n \n · \n Cash increased by $3.2 million to $29.2 million at the end of Q2 2020\n \n \n · \n 14,819 gold equivalent ounces (\"GEOs\") produced in Q2 2020 calculated using budgeted metal prices \n \n \n · \n Reportable production at actual metal prices of 14,301 GEOs (Q2 2019: 19,618 GEOs) \n \n \n · \n Gold production of 12,048 ounces (Q2 2019: 17,149 ounces)\n \n \n o \n Lower gold production in Q2 2020 due to the lower grade of ore processed from the Gedabek open pit and less ore mined from the Gadir underground mine\n \n \n o \n COVID-19 restrictions had some impact on efficiency at Gedabek\n \n \n · \n Copper production increased to 648 tonnes (Q2 2019: 448 tonnes)\n \n \n · \n Gold dor\n é\n production from 7 May to 22 June 2020 was shipped to the refiner and 90 per cent. of the Company's share received prior to the end of June\n \n \n · \n Current FY 2020 production guidance of 75,000 GEOs to 80,000 GEOs and revenue guidance of over $100 million at current metal prices remains unchanged with various measures being taken to increase production in the second half of the year\n \n \n o \n New portal opened with a decline currently being constructed to allow underground mining of high-grade ore beneath the Gedabek open pit starting in Q4 2020\n \n \n o \n Previously heap leached ore with high residual gold grades being recovere...