Business
Q4 & FY 2017 Production and Operations Review
Q4 & FY 2017 Production and Operations Review.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 9322B Anglo Asian Mining PLC 16 January 2018 \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n16 January 2018\n \nAnglo Asian Mining plc\nQ4 & FY 2017 Production and operations review \n \nAnglo Asian delivers total production in top percentile of forecast \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 31 December 2017 (\"Q4 2017\") and the year ended 31 December 2017 (\"FY 2017\"). Note that all references to \"$\" are to United States dollars.\n \nOverview\n \n· 71,461 gold equivalent ounces (\"GEOs\") produced during FY 2017 - at the uppermost level of the Company's forecast of 64,000 to 72,000 GEOs\n· Production for FY 2017 was just over one per cent. lower than FY 2016 of 72,304 GEOs despite suspension of mining for part of the year from the main open pit and the Gadir underground mine whilst production optimisation was carried out\n· Increased copper and silver production during FY 2017 with a small decrease in gold production\no 2.6 per cent. increase in copper produced to 1,991 tonnes of copper (FY 2016: 1,941 tonnes) \no 4.7 per cent. increase in silver produced to 172,853 ounces (FY 2016: 165,131 ounces)\no 8.8 per cent. decrease in gold produced to 59,617 ounces (2016: 65,394 ounces)\n· Solid upward trajectory in total production during 2017 reflecting the expansion initiatives undertaken at Gedabek with a significant increase in Q4 2017 due to the commencement of production in September from the new Ugur open pit mine as follows:\n \n\n\n\n\n2017 quarter ended\n\n\nTotal production (GEOs)\n\n\n\n\n31 March\n\n\n14,577\n\n\n\n\n30 June\n\n\n15,985\n\n\n\n\n30 September\n\n\n17,714\n\n\n\n\n31 December\n\n\n23,185\n\n\n\n\nTotal - FY 2017\n\n\n71,461\n\n\n\n\n \n \n· Net debt reduced by approximately 47 per cent. during FY 2017 to $18.3 million at 31 December 2017 (31 December 2016: $34.6 million)\n· Water treatment plant now...