Anglo Asian Mining increases production guidance

AIM-quoted group Anglo Asian Mining set its production guidance for the current financial year to be somewhere in the region of 78,000 to 84,000 gold equivalent ounces, increasing the mid-point of its earlier guidance by more than 13%.

Anglo Asian anticipated production to rise throughout the year as a result of optimisation initiatives undertaken at Gedabek in 2017 and the start-up of a second crusher line for its flotation plant during the second quarter if 2018.

Forecasts estimated production to be around 64,000 to 70,000 ounces of gold, up from the previous period's figure of 59,617, and copper to tick ahead even more from 1,991 tonnes of the stuff to around 2,100 to 2,300 tonnes.

Anglo Asian's chief executive Reza Vaziri, said, "2018 is shaping up to be a year of delivery for Anglo Asian with a production of between 78,000 to 84,000 gold equivalent ounces planned by our operational team. The mid-point of this guidance is over 13% higher than FY 2017 production and continues the upward trajectory from last year which we believe will continue in the coming years."

"As in previous years, the second half of 2018 is expected to be better than the first due to seasonal factors and the added momentum of the flotation plant processing on a stand-alone basis from Q2 2018," he added.

As of 1120 GMT, shares were flat on the day at 38.00p.