26 May Azerbaijan-focused miner doubles copper output
Anglo Asian Mining (AIM:AAZ) has bounced back to profit in 2016, thanks to a considerable reduction in debt and dramatically increased copper production.
The Azerbaijan-focused miner doubled its copper production from 969 tonnes to 1,941 tonnes last year, owing to a full year of output from a new flotation float, which started production in November 2015.
Silver production also rose six-fold to 165,131 ounces in 2016, however gold sales dropped by 16% as the company unearthed lower grades at the Gedabek mine, its main operation in Azerbaijan.
Anglo’s non-executive chairman Khosrow Zamani said: “A major contributor to the success in 2016 is the continuing evolution of Anglo Asian into a company for which copper is increasingly a significant proportion of its production.”
Anglo aims to achieve a copper production outcome of between 2,000 and 2,400 tonnes in 2017, while gold output is expected to be between 52,000 and 58,000 ounces.
The miner plans to develop seven further gold mines in Western Azerbaijan with estimated reserves of 430 tonnes.