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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Anglo Asian Mining Plc | LSE:AAZ | London | Ordinary Share | GB00B0C18177 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
5.00 | 7.87% | 68.50 | 67.00 | 70.00 | 68.50 | 62.10 | 63.50 | 274,545 | 15:41:27 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Metal Ores,nec | 84.72M | 3.66M | 0.0320 | 21.41 | 78.26M |
TIDMAAZ
RNS Number : 6485D
Anglo Asian Mining PLC
11 October 2018
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
11 October 2018
Anglo Asian Mining plc
Q3 2018 Production and Operations review
28 per cent. year-on-year increase in total production for YTD Q3 2018 to 61,761 GEOs and net cash of $2.8 million
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area ("Gedabek") in western Azerbaijan for the three and nine months to 30 September 2018 ("Q3 2018" and "YTD Q3 2018" respectively).
Note that all references to "$" are to United States dollars.
Overview
-- Continued improvement in total production in Q3 2018 expressed as gold equivalent ounces ("GEOs") with a 28 per cent. quarter-on-quarter and a 38 per cent. year-on-year ("y-o-y") increase to 24,412 GEOs
-- 28 per cent. y-o-y increase in YTD Q3 2018 total production to 61,761 GEOs
-- Net cash of $2.8 million at end of September 2018 with only debt being the Pasha Bank low cost refinancing loan
-- As announced on 19 September 2018, an interim dividend of US$0.03 per share will be paid gross in respect of the year ending 31 December 2018 to shareholders on 8 November 2018
Anglo Asian CEO Reza Vaziri commented: "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. Quarter three production showed strong year-on-year growth of 38 per cent. to 24,412 gold equivalent ounces. 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.
"The Company's increasing production continues to strengthen our balance sheet and I am again pleased to say that the Company moved into having net cash of $2.8 million at the end of September. This is an exciting time for Anglo Asian as we prepare to pay our maiden dividend in November 2018."
Production Overview
Q3 2018
-- 38 per cent. y-o-y increase in total production to 24,412 GEOs (Q3 2017: 17,714 ounces) -- 47 per cent. y-o-y increase in gold production to 21,318 ounces (Q3 2017: 14,468 ounces):
o 18,874 ounces contained within gold doré
o 7 ounces from SART processing
o 2,437 ounces from flotation
-- Copper production totalled 470 tonnes (Q3 2017: 550 tonnes):
o 81 tonnes from SART processing
o 389 tonnes from flotation processing
-- Silver production totalled 59,346 ounces (Q3 2017: 40,288 ounces):
o 7,416 ounces contained within gold doré
o 17,357 ounces from SART processing
o 34,573 ounces from flotation
YTD Q3 2018
-- 28 per cent. y-o-y increase in total production to 61,761 GEOs (YTD Q3 2017: 48,275 GEOs) -- 45 per cent. y-o-y increase in gold production to 54,573 ounces (YTD Q3 2017: 37,686 ounces) -- Copper production totalled 1,057 tonnes (YTD Q3 2017: 1,872 tonnes) -- Silver production totalled 144,362 ounces (YTD Q3 2017: 125,375 ounces)
-- Forecast production for FY 2018 now at upper end of previous guidance of between 78,000 to 84,000 GEOs
Sales
-- Q3 2018 gold bullion sales of 18,637 ounces at an average of $1,216 per ounce (Q2 2018 gold bullion sales of 10,822 ounces at an average of $1,307 per ounce)
-- Q3 2018 copper concentrate shipments to the customer totalled 1,557 dry metric tonnes ("dmt") with a sales value of $3.4 million (excluding Government of Azerbaijan profit share) (Q2 2018: 1,736 dmt with a sales value of $4.2 million)
Company financials
-- Net cash, being cash and cash equivalents less interest-bearing loans and borrowings, totalled $2.8 million at 30 September 2017 (Net debt of $2.9 million at 30 June 2018)
Gedabek - mining, production and sales
The Company mined the following ore in the nine months to 30 September 2018:
6 months to 3 months to 9 months to 30 June 2018* 30 September 2018 30 September 2018 Average Average Average Mine Ore mined gold grade Ore mined gold grade Ore mined gold grade (tonnes) (g/t) (tonnes) (g/t) (tonnes) (g/t) ---------- ------------ ---------- ------------ ---------- ------------ Open pit 51,237 0.95 90,415 1.34 141,652 1.20 Ugur - o/pit 467,382 1.31 420,320 1.17 887,702 1.24 Gadir - u/g 56,765 5.62 34,439 3.91 91,204 4.97 Gosha - u/g - - - - - - ---------- ------------ ---------- ------------ ---------- ------------ Total 575,384 1.70 545,174 1.37 1,120,558 1.54 ============== ========== ============ ========== ============ ========== ============
* There have been some minor changes to the previously reported figures following reconciliation of ore stockpiles.
As previously reported, low grade ore (less than 1.5 grammes per tonne of gold) is being treated by heap leaching, whilst higher grade ore (more than 1.5 grammes per tonne of gold) is being processed through the agitation leaching plant.
Anglo Asian stacked 195,957 tonnes of dry crushed ore onto heap leach pads with an average gold content of 0.91 grammes per tonne (Q2 2018: 150,573 tonnes with an average gold content of 0.91 grammes per tonne) during Q3 2018. The Company also heap leached uncrushed Run of Mine ("ROM") ore. During Q3 2018, Anglo Asian stacked 136,595 tonnes of ROM ore onto heap leach pads with an average gold content of 0.40 grammes per tonne (Q2 2018: 77,493 tonnes with an average gold content of 0.51 grammes per tonne).
The Company processed during Q3 2018, 196,700 dry tonnes of ore with an average gold content of 2.39 grammes per tonne through the agitation leaching plant (Q2 2018: 196,107 dry tonnes with an average gold content of 2.19 grammes per tonne). 126,009 dry tonnes of ore containing an average copper content of 0.47 per cent. was processed by the flotation plant in Q3 2018.
During Q3 2018, the Company produced gold doré containing 18,874 ounces of gold and 7,416 ounces of silver at Gedabek (Q2 2018: 15,532 ounces of gold and 6,014 ounces of silver). During Q3 2018, the agitation leaching plant produced 13,881 and 5,404 ounces of gold and silver, respectively, and the heap leach operations produced 4,993 and 2,012 ounces of gold and silver, respectively.
SART processing in Q3 2018 produced 162 dmt of copper concentrate containing 81 tonnes of copper and 7 ounces of gold (Q2 2018: 260 dmt of copper concentrate containing 137 tonnes of copper and 6 ounces of gold). YTD Q3 2018 SART copper production was 332 tonnes compared to YTD Q3 2017 production of 562 tonnes. Production of copper was lower YTD 2018 due to processing mainly Ugur ores in the agitation leaching plant which do not contain copper.
Flotation processing in Q3 2018 produced 2,501 dmt of copper concentrate containing 389 tonnes of copper and 2,437 ounces of gold (Q2 2018: 1,396 dmt of copper concentrate containing 195 tonnes of copper and 1,226 ounces of gold).
The following table summarises gold doré production and sales at Gedabek for FY 2017 and Q1 to Q3 2018:
Gold produced* Silver Gold sales** Gold Sales (ounces) Produced* (ounces) price (ounces) ($/ounce) Quarter ended 31 March 2017 9,258 2,447 8,283 1,220 30 June 2017 9,131 3,266 7,406 1,258 H1 2017 18,389 5,713 15,689 1,238 30 Sept 2017 12,221 4,381 9,287 1,286 31 Dec 2017 21,924 12,634 18,520 1,278 H2 2017 34,145 17,015 27,807 1,281 FY 2017 52,534 22,728 43,496 1,265 31 March 2018 15,750 7,110 14,956 1,328 30 June 2018 15,532 6,014 10,822 1,307 H1 2018 31,282 13,124 25,778 1,319 30 September 2018 18,874 7,416 18,637 1,216 ------------------ -------------- ----------- ------------- ----------
Note that some of the figures in the above table may differ from previously reported due to agreement of final assay.
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2017 and Q1 to Q3 2018:
Concentrate Copper Gold Silver production* content* content* content* 2017 (dmt) (tonnes) (ounces) (ounces) Quarter ended 31 March SART processing 428 210 5 5,523 Flotation 2,312 396 1,815 31,399 Total 2,740 606 1,820 36,922 Quarter ended 30 June SART processing 419 187 4 4,717 Flotation 3,203 529 3,005 37,735 Total 3,622 716 3,009 42,452 Quarter ended 30 Sept SART processing 333 165 4 9,097
Flotation 2,379 385 2,243 26,810 Total 2,712 550 2,247 35,907 Quarter ended 31 December SART processing 256 119 7 34,844 Flotation - - - - Total 256 119 7 34,844 2018 Quarter ended 31 March SART processing 223 114 6 22,118 Flotation 819 141 735 11,587 Total 1,042 255 741 33,705 Quarter ended 30 June SART processing 260 137 6 21,800 Flotation 1,136 195 1,226 16,387 Total 1,396 332 1,232 38,187 Quarter ended 30 September SART processing 162 81 7 17,357 Flotation 2,501 389 2,437 34,573 Total 2,663 470 2,444 51,930 ---------------------------- ------------ --------- --------- ---------
* including Government of Azerbaijan's share.
** certain amounts for flotation production are different to those previously disclosed due to final reconciliation of production and sales.
The following table summarises total copper concentrate production and sales at Gedabek for FY 2017 and Q1 through Q3 2018. Note that sales of concentrates are initially recorded at provisional amounts until agreement of final assay:
Concentrate Copper Gold Silver Concentrate Concentrate production* content* content* content* sales** sales** (dmt) (tonnes) (ounces) (ounces) (dmt) ($000) Quarter ended 31 March 2017 2,740 606 1,820 36,922 2,230 4,220 30 June 2017 3,622 716 3,009 42,452 3,166 6,104 H1 2017 6,362 1,322 4,829 79,374 5,396 10,324 30 Sept 2017 2,712 550 2,247 35,907 2,905 5,480 31 Dec 2017 256 119 7 34,844 198 854 H2 2017 2,968 669 2,254 70,751 3,103 6,334 FY 2017 9,330 1,991 7,083 150,125 8,499 16,658 31 March 2018 1,042 255 741 33,474 608 1,715 30 June 2018 1,396 332 1,232 38,187 1,736 4,221 H1 2018 2,438 587 1,973 71,661 2,344 5,936 30 Sept 2018 2,663 470 2,444 51,930 1,557 3,368 --------------- ------------ --------- --------- --------- ------------- --------------
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
Net cash
The Company had net cash at 30 September 2018 of $2.8 million, an increase in cash of $5.7 million from net debt of $2.9 million at 30 June 2018 as follows:
$m Cash at bank and on hand 14.4 Pasha Bank refinancing loan (11.6) ------ Net cash 2.8 ------
The Company made a payment of $3.0 million at the end of September in respect of corporation tax in Azerbaijan. The Company has now utilised all brought forward tax losses in Azerbaijan and going forward will be a corporation tax payer.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350 Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400 ------------------------------ ---------------------- Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894 ------------------------------ ---------------------- Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470 LLP 0470 Nominated Adviser and Broker ------------------------------ ---------------------- Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470 LLP 0470 ------------------------------ ---------------------- Susie Geliher St Brides Partners Ltd Tel: +44 (0) 20 7236 1177 ------------------------------ ---------------------- Lottie Wadham St Brides Partners Ltd Tel: +44 (0) 20 7236 1177 ------------------------------ ----------------------
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometer area in the lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009. Mining at Gedabek was initially from its main open pit which is an open cast mine with a series of interconnected pits. The Company also operates the high grade Gadir underground mine which is co-located at the Gedabek site, In September 2017, production commenced at the Ugur open pit mine, a recently discovered gold ore deposit at Gedabek. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.
The Company produced 71,461 gold equivalent ounces ('GEOs') for the year ended 31 December 2017. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies. The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant, which is processing tailings from the agitation leach plant. A second dedicated crusher line has recently been commissioned and is now in operation for the flotation plant to enable it to operate independently of the agitation leaching plant.
The Company has forecast production for FY 2018 of between 78,000 to 84,000 GEOs an increase for the mid-point of this guidance of over 13 per cent. compared to FY 2017 production of 71,461 GEOs.
Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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