BAKU, Azerbaijan, March 12
By Eldar Janashvili - Trend:
A decline in gold production of Azerbaijan's Anglo Asian Mining PLC gold mining company is explained by the higher content of ore, processed by chemical leaching, in the open pit of the Gadabay mine, as well as by a decrease in production at another deposit, Trend reports with reference to the company.
Reza Vaziri, President & CEO at Anglo Asian Mining PLC, noted that despite the reduction in production, 2020 will be the yet another year of stable results for the company with a projected revenue of more than $100 million and production from 75,000 to 80,000 ounces in gold equivalent.
“Despite a slight decrease in production in 2019 due to a decrease of production at the Ugur open-pit mine, the increase in precious metal prices observed so far, should allow the company to maintain its financial performance as we move forward in developing our newly registered new mineral deposits,” Vaziri said.
The company’s CEO also noted that future growth in both production and reserves is still very important for Anglo Asian Mining's economic performance.
“We continue to keep pace with our exploration program to determine the possible further expansion of production in our three contract areas. We recently released the very encouraging results of our intelligence program that highlight their potential. We also continue to consider other opportunities for expansion. I look forward to keeping the market up to date,” Vaziri added.
Amid the decline in gold production, the company’s shares, sold on February 21 at a price of 149 pounds each, began to fall in price and since have gone down by 15.8 percent.
Today in London, the company's shares fell another 4.4 percent and are currently sold at a price of 120 pounds.