Business
Q2 & H1 2023 Production and Operations Review
Q2 & H1 2023 Production and Operations Review.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n\n \n13 July 2023\nAnglo Asian Mining plc\nQ2 & H1 2023 Production and Operations Review\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 operational review for the three months to 30 June 2023 (\"Q2 2023\") and six months to 30 June 2023 (\"H1 2023\").\n \nOperational highlights\n\n\n\n\n· \n\n\nThe Company announced its strategic growth plan, that outlined its 4 year transition to mid-tier production status with copper as its principal product\n\n\n\n\n· \n\n\nThe Company retains its production target of 50,000 to 54,000 gold equivalent ounces for 2023 and continues to successfully execute its growth strategy \n\n\n\n\n \nH1 2023 and Q2 2023 Production update\n\n\n\n\n· \n\n\nTotal production of 23,391 gold equivalent ounces (\"GEOs\") in H1 2023 (H1 2022: 28,722 GEOs) and 12,422 GEOs in Q2 2023 calculated using actual metal prices\n\n\n\n\n· \n\n\nCopper production increased to 1,860 tonnes in H1 2023 (H1 2022: 1,283 tonnes) and rose by 42 per cent. year-on-year in Q2 2023 to 1,013 tonnes (Q2 2022: 715 tonnes) as part of the Company's growth strategy to increase its copper production\no Ore processed by the expanded flotation plant in Q2 2023 increased to 190,593 tonnes (Q2 2022: 114,099 tonnes)\n\n\n\n\n· \n\n\nGold production of 14,608 ounces during H1 2023 (H1 2022: 20,906 ounces) and 7,867 ounces in Q2 2023 (Q2 2022: 10,866 ounces) due to decreasing grades at Gedabek\no Agitation leaching plant idle from 2 May to 30 May as ore now processed on a campaign basis\n\n\n\n\n· \n\n\nSilver production totalled 44,576 ounces in H1 2023 (H1 2022: 99,548 ounces) and 22,010 ounces in Q2 2023 (Q2 2022: 48,874 ounces)\n\n\n\n\n \nQ2 2023 Sales and cash update\n\n\n\n\n· \n\n\nCash of $9.4 million at 30 June 2023 (31 March 2023: $10.7 million), with inventory valued at $8.9 millionconsisting of 2,366 ounces of gold valued at $4.5 million and copper concentrate valued at $4.4 million\n\n\n\n\n· \n\n\nThe Company completed the sale of 1,000 ounces of gold bullion on 30 June 2023 at $1,947.5 per ounce under the Company's hedging prog...