Business
Q4 & Full Year 2019 Production & Operations Review
Q4 & Full Year 2019 Production & Operations Review.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6572Z Anglo Asian Mining PLC 14 January 2020 \n\n \nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n14 January 2020\n \nAnglo Asian Mining plc\nQuarter 4 and Full Year 2019 Production and Operations review \n \nFull year production of 82,795 gold equivalent ounces calculated at budgeted prices and net cash of $21.2 million at 31 December 2019\n \nAnglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer focused on Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area (\"Gedabek\") in western Azerbaijan for the three months to 31 December 2019 (\"Q4 2019\") and the year ended 31 December 2019 (\"FY 2019\").\n \nNote that all references to \"$\" are to United States dollars.\n \nOverview\n \n· Record revenues anticipated for FY 2019 in excess of $90.0 million driven by sustained gold and increased copper production and strong commodity prices\n· Strong cash generation of $31.3 million before payment of corporation taxes and dividends driven by strong sales and continued operational efficiencies as one of the lowest cash cost gold producers\no Net cash increased to $21.1 million at the end of December 2019 from $6.1 million at the beginning of the year\no Company will make its final debt repayment in early February 2020 delivering on its strategic plan to be debt free \n· 82,795 gold equivalent ounces (\"GEOs\") produced during FY 2019 calculated using budgeted metal prices\no Reportable GEOs marginally lower at 81,399 due to the increase in the market price of gold relative to the market price of copper during the year\n \nAnglo Asian CEO Reza Vaziri commented: \n\"We have had another strong year, delivering production in line with expectations and also making good progress with our exploration programme. We report our production in gold equivalent ounces which have reduced due to the increase in the market price of gold relative to the market price of copper during the year. Our production calculated as gold equivalent ounces using our budgeted metal prices was 82,795 ounces and within our original production forecast.\n \n\"The C...