Anglo Asian reports strong cash generation on gold price rise
Production at the Gedabek mine, in Azerbaijan, increased by 3% quarter-on-quarter to 20 227 gold-equivalent ounces (GEOs) in the third quarter, taking year-to-date production to 60 122 GEOs, Anglo Asian reported on Tuesday.
The total production comprised 17 804 oz of gold, 521 t of copper and 33 354 oz of silver.
Anglo Asian sold 14 894 oz at an average price of $1 513/oz and shipped 2 255 dry metric tons of copper concentrate.
With a significant increase in the average price of gold bullion sold, the Aim-listed gold, copper and silver producer generated $8.5-million in cash in the third quarter. That compares with $9.3-million that was generated in the first half of 2019.
By September 30, Anglo Asian’s net cash stood at $19.1-million.
Anglo Asian maintained its 2019 production guidance at the lower end of 82 000 GEOs to 86 000 GEOs.
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