Anglo Asian Mining tops full-year production guidance despite pit closure

AIM-quoted gold exploration and development firm Anglo Asian Mining saw production top out at the upper end of its guidance over the year ended 31 December, but fell short of besting its previous outing.

Anglo Asian Mining produced a total of 71,461 gold equivalent ounces during 2017, 1% down from the 72,304 ounces produced in the previous year as the planned suspension of mining from the main open pit at its Gebabek asset for part of the year offset improvements elsewhere.

Copper and silver production increased 2.6% to 1,991 tonnes and 4.7% to 172,853 ounces respectively, adding some padding to the 8.8% drop to 59,617 ounces of gold produced.

As well, the firm reduced its net debt by an impressive 47% to $18.3m over the year.

Reza Vaziri, chief executive of Anglo Asian, said "I am delighted to report that following a very strong performance in Q4 2017, Anglo Asian has delivered full year production at the very top of its published forecast range."

"Mining is expected to recommence at our main open pit at Gedabek in the near-term together with the installation of a second, dedicated crusher line for the flotation plant. These should significantly enhance our production profile throughout 2018," he added.

As of 1200 GMT, shares had jumped 14.10% to 44.50p.