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Anglo Asian Mining PLC

Anglo Asian Mining boosts production and net cash in six months to end June

Anglo Asian Mining continues to generate significant amounts of cash

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Cash from the Gedabek gold and copper mine continues to roll in

Anglo Asian Mining PLC (LON:AAZ) boosted production by 7% to 39,905 gold equivalent ounces in the six months to June 2019, when set against the comparable period a year earlier.

Net cash rose to US$15.4mln, as US$4.6mln was generated in the three months to June, and US$9.3mln in the six months to June.

WATCH: Anglo Asian Mining PLC in an 'enviable position'

Copper production quarter-on-quarter dipped slightly, but grades are expected to pick up

"This is another good quarter's production with a 7% year-on-year increase in the first half compared to 2018,” said Anglo Asian chief executive Reza Vaziri.

“The production in the quarter was slightly less than the previous quarter due to the planned mining of lower grade copper ore, however, we are expecting copper grades to increase for the rest of the year. The logistical issues in selling concentrate reported last quarter were resolved and the company had gross sales of $7.6 million of concentrate in the quarter. The company continues to be a strong cash generator and our net cash increased by $4.6 million in the quarter."

 

 

Quick facts: Anglo Asian Mining PLC

Price: £1.63

Market: AIM
Market Cap: £185.89 m
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