Business
Q4 Operations and FY 2013 Update for Gedabek Mine
Q4 Operations and FY 2013 Update for Gedabek Mine.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6467X Anglo Asian Mining PLC 15 January 2014 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n15 January 2014\nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\nQ4 Operations and FY 2013 Update - Gedabek Gold/Copper/Silver Mine in Azerbaijan\n \nAnglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, is pleased to provide an update for the three months to 31 December 2013 ('Q4 2013') and the year ended 31 December 2013 ('FY 2013') on production and operations at its flagship Gedabek gold/copper/silver mine ('Gedabek') in western Azerbaijan.\n \nOverview\n· Gold production at Gedabek for Q4 2013 totalled 14,329 oz with 11,159 oz from Agitation Leaching Plant operations and 3,170 oz from heap leach operations \n· FY 2013 gold production totalled 52,068 oz (2012: 50,025 oz gold)\n· Q4 2013 gold sales of 12,445 oz at an average of US$1,280 per oz bringing the full year gold sales to 46,075 oz of gold at an average of US$1,387 per oz for FY 2013\n· A continuous Knelson concentrator is targeted to be on-line by Q2 2014 and is expected to enhance gold recovery from high-copper sulphide ore and reduce cyanide consumption\n· Copper, silver and gold production from SART processing operations for Q4 2013 totalled 71t of copper, 6,563 oz of silver and 4 oz of gold\n· Copper concentrate production for FY 2013 from SART processing of 327 t of copper, 45,621 oz of silver and 39 oz of gold (2012: 502 t copper, 98,158 oz silver, 86 oz gold)\n· Strong cash position of US$5.4 million at 31 December 2013\n· Net debt, being interest-bearing loans and borrowings less cash and cash equivalents totals US$46.3 million at 31 December 2013\n \nAnglo Asian CEO Reza Vaziri said, \"Whilst we increased gold production at Gedabek in 2013 to 52,068 oz from 50,025 oz in 2012, naturally we are disappointed to have missed our production target for the year due to unexpected weather conditions and processing issues in Q4 2013, especially given the successful commissioning of our new Agitation Leaching Plant in June 2013. This, in tandem with the lower gold price, in particular ...