‘Turning Point’ Quarter Declared by Anglo Asian Following Agitation Plant Restart

2 min read | October 10, 2024 04:14 AM PDT | By Team Kalkine Media

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‘Turning Point’ Quarter Declared by Anglo Asian Following Agitation Plant Restart — Image source: Shutterstock

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Highlights:

Anglo Asian Mining PLC has restarted operations at the Gedabek mine in Azerbaijan and is set to raise its tailings dam wall by 2.5 meters by November 2024.
The company recorded a total production of 3,040 gold equivalent ounces (GEOs) in the third quarter, demonstrating a gradual recovery after a year of partial shutdown.
Full-year production guidance for 2024 has been maintained between 15,000 and 19,500 GEOs, with plans for the first production from the Gilar mine scheduled for December.

Anglo Asian Mining PLC {OTC:AGXKF} has identified the recently concluded quarter as a significant turning point in its operations, having received permission to restart its activities and raise the tailings dam wall at the Gedabek mine in Azerbaijan. The company is set to complete the first lift of the wall by 2.5 meters in November 2024, which is expected to enhance operational safety and efficiency.

Production from the agitation leaching plant resumed last month, marking a crucial step toward full operational capacity. In the third quarter, the company reported total production of 3,040 gold equivalent ounces (GEOs), a decline from 5,295 GEOs in the same quarter last year, primarily due to disruptions in operations over the past year. For the year-to-date, production has totaled 8,310 GEOs, a decrease compared to the previous year's output of 28,686 GEOs.

During the third quarter, gold bullion sales reached 3,220 ounces, with a notable average price per ounce, while net debt stood at 14 million. The company maintains its full-year production guidance for 2024, anticipating output between 15,000 and 19,500 GEOs. Furthermore, Anglo Asian Mining is on track to restart its flotation processing by November, with initial production from the Gilar mine expected to commence in December.

Reza Vaziri, Chief Executive Officer, remarked on the positive momentum generated by the restart of agitation leaching production, noting an increase in doré production from 824 ounces in August to 1,369 ounces in September. This renewed operational capacity, alongside the anticipated opening of the flotation plant and rising gold prices, positions Anglo Asian Mining for a more robust performance moving forward.

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