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Highlights:
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Anglo Asian Mining PLC has received permission to restart operations and raise the tailings dam wall at the Gedabek mine in Azerbaijan, marking a significant milestone for the company.
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Third-quarter production totaled 3,040 gold equivalent ounces (GEOs), with gold bullion sales amounting to 3,220 ounces at an average price of $2,497 per ounce.
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Full-year 2024 production guidance remains unchanged at 15,000 to 19,500 GEOs, with plans to restart flotation processing in November and commence production from the Gilar mine in December.
Anglo Asian Mining PLC {LSE:AAZ} has announced that the recently concluded quarter marks a turning point for the company, as it has received approval to resume operations and elevate the tailings dam wall at the Gedabek mine in Azerbaijan. The first lift of the wall, which will be raised by 2.5 meters, is set to be completed by November 2024. In addition, production from the agitation leaching plant resumed last month, providing a boost to operational activities.
During the third quarter, the company reported production of 3,040 gold equivalent ounces (GEOs), a decrease from the 5,295 GEOs produced in the same quarter the previous year. For the first nine months of the current year, production has totaled 8,310 GEOs, significantly lower than the 28,686 GEOs produced in 2023. Gold bullion sales in the third quarter reached 3,220 ounces, with net debt reported at $14 million at the end of the period.
Despite the challenges faced earlier in the year, Anglo Asian Mining has maintained its full-year production guidance at 15,000 to 19,500 GEOs. The company remains on schedule to restart its flotation processing in November, with the first ore production from the Gilar mine planned for December.
Chief Executive Reza Vaziri emphasized the importance of the recent developments, stating that the quarter represents a crucial step toward fully resuming production following a year of partial shutdown. The restart of agitation leaching production has generated positive momentum, evidenced by an increase in doré production from 824 ounces in August to 1,369 ounces in September. The anticipated opening of the flotation plant and the mining of the first ore from Gilar are expected to further enhance production capabilities, with the company also benefiting from recent increases in gold prices.
