An “excellent” third quarter has positioned Anglo Asian to not only meet its 2018 production guidance, but to achieve the upper-end of its target range of 78 000 oz to 84 000 oz of gold equivalent.
The London-listed miner, which operates the Gedabek mine in Azerbaijan, on Thursday reported gold-equivalent production of 24 412 oz in the September quarter, comprising 21 318 oz of gold, 470 t of copper and 59 346 oz of silver.
The gold-equivalent output is a 38% improvement on the third quarter of 2017.
"This has been another excellent quarter for Anglo Asian as copper production restarted from the flotation plant following the commissioning of the second crusher line. Given the strong production in the year so far, I am expecting production for the full year to be at the upper end of our guidance,” Anglo Asian CEO Reza Vaziri said in a statement.
During the third quarter, Anglo Asian sold 18 637 oz of gold bullion at an average price of $1 216/oz and shipped 1 557 dry metric tonnes of copper at a sales value of $3.4-million.
The strong production performance has pushed Anglo Asian into a net cash position of $2.8-million at September 30, an increase of $5.7-million from net debt of $2.9-million at June 30, 2018.