Anglo Asian posts meaningful copper output gains in Q2
Aim-listed copper, gold and silver miner Anglo Asian Mining continues to grow its copper production, having recorded an increase of 27% increase quarter-on-quarter to 5 129 t, while its gold production also widened by 3.4% quarter-on-quarter to 6 272 oz.
The company increased its net cash by almost $40-million to $57.6-million in the quarter under review, which shows the highly cash generative nature of the business.
On a year-on-year basis, Anglo Asian's copper production increased by 87% from 654 t in the second quarter of last year, while gold production increased by 2,9% year-on-year from 6 086 oz in the same quarter last year.
Silver production totalled 50 059 oz in the quarter, which grew by 36% compared with the 32 033 oz produced in the prior corresponding quarter.
The company's operations are all based in Azerbaijan.
Notably, the Demirli mine contributed 3 250 t to the group's copper output in the quarter, with the mine still in the process of ramping up to steady state production in the current quarter.
The balance of copper output was produced by the Gedabek mine, which recently had a flotation plant upgrade.
Anglo Asian maintains its full-year guidance for copper at between 20 000 and 25 000 t, for gold at between 28 000 and 33 000 oz, and for silver at between 170 000 and 210 000 oz.
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