Business
Revenue and Production Guidance for Full Year 2020
Revenue and Production Guidance for Full Year 2020.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \n \n RNS Number : 6778F\n Anglo Asian Mining PLC\n 11 March 2020\n \n \n \n \n 11 March 2020\n \n \n \n \n \n Anglo Asian Mining plc\n \n \n Revenue and Production Guidance for Full Year 2020\n \n \n \n \n \n Full Year 2020 Revenue will Significantly Increase to Over $100 million at Current Metal Prices\n \n \n Production of 75,000 to 80,000 Gold Equivalent Ounces \n \n \n \n \n \n Anglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce its revenue and production guidance for the year ended 31 December 2020 (\"FY 2020\").\n \n \n \n \n \n Note that all references to \"$\" are to the United States Dollar.\n \n \n \n \n \n Overview\n \n \n \n \n \n · \n FY 2020 Revenue will significantly increase to over $100 million at current metal prices\n \n \n · \n Forecast metal production for FY 2020 between 75,000 to 80,000 gold equivalent ounces (\"GEOs\") compared to FY 2019 production of 81,399 GEOs\n \n \n · \n Forecast production for FY 2020 between 65,000 to 67,000 ounces of gold (FY 2019: 70,098 ounces of gold produced) and between 2,200 to 2,400 tonnes of copper (FY 2019: 2,210 tonnes of copper produced)\n \n \n · \n Lower gold production forecast due to a higher proportion of Gedabek open pit ore processed by agitation leaching and reduced mining from Ugur - open pit ore has lower gold grades and requires longer processing \n \n \n · \n GEOs production will be reported in future using both budget and actual rates to aid comparison\n \n \n \n \n \n \n Anglo Asian CEO Reza Vaziri commented\n \n , \"Once again, 2020 is set to be another year of solid performance from Anglo Asian Mining with forecast revenue of over 100 million dollars and production between 75,000 to 80,000 gold equivalent ounces. Despite the marginal reduction on the previous year's production, due to lower production from the Ugur mine, the increased metal prices seen so far this year should enable the Company to maintain its financial performance as we progress into exploiting our recently reported new mineral deposits.\n \n \n \n \n \n \"Future growth in both production and our resources and reserves continue to be highly important to Anglo Asian. We are continuing at pace with our exploration programme to id...