Anglo Asian posts record first-half copper production
Aim-listed copper, gold and silver producer Anglo Asian Mining has posted record half-year copper production of 8840 t, compared with 1 188 t in the first half of the prior year.
The group's profit before tax increased to $68.5-million in the six months ended June 30, compared with profit before tax of $7.1-million in the same months of last year.
Having generated net cash from operating activities of $78.5-million in the period, compared with $11.4-million net cash in the prior corresponding period, Anglo Asian has a strong net cash position of $57-million as of June 30.
Anglo Asian maintains its full-year production guidance of between 20 000 t and 25 000 t of copper and between 170000 oz and 210000 oz of silver. Owing to the variability of gold-bearing minerals in the company's Gilar orebody, guidance for gold has been reduced from between 28000 oz and 33000 oz to between 26000 oz and 30000 oz for the full year.
The company continues with a 90000 m drill programme in Azerbaijan and aims to complete its transition to a midtier copper producer by 2030, including by developing the Xarxar and Garadag deposits.
CEO Reza Vaziri says the record half-year copper production was underpinned by significant contributions from the new Gilar and Demirli mines, with Demirli still in the process of being ramped up to full production by the fourth quarter.
The Xarcar and Garadag mines are expected to start with production in 2028 and 2029, respectively.
"The small decrease in full-year gold production guidance is a disappointment, however, this is offset by a reduction in our all-in sustaining cost of copper production and increased revenues, which are currently performing better than budget owing to higher metal prices.
