Anglo Asian Mining PLC has released its Q2 & H1 2024 Production and Operations Review, detailing its performance for the three and six months ending on June 30, 2024. The company's administrative formalities for the tailings dam wall raise are expected to be completed soon, with production remaining partially shut down during the period. Gold production from heap leaching and copper production from SART continued throughout the Half Year. The company has received all technical and environmental approvals for the raise of the tailings dam wall and AzerGold CJSC has become a party to the Group's production sharing agreement.
In Q2 2024, the company reported a total production of 2,707 gold equivalent ounces (GEOs), with copper production of 46 tonnes, gold production of 2,438 ounces, and silver production of 6,341 ounces. For H1 2024, the total production was 5,270 GEOs, with copper production of 100 tonnes, gold production of 4,704 ounces, and silver production of 12,740 ounces. The company also reported total gold bullion sales of 6,000 ounces at an average of $2,174 per ounce for H1 2024.
The company maintained a strong focus on cash and strict cost control, with a net debt position of $12.1 million at the end of June 2024. The net cash outflow in the Half Year was $4.9 million, and the company received a $5 million prepayment advance for concentrate sales from Trafigura, with $3 million received in June. Anglo Asian Mining PLC expects to issue annual production guidance for 2024 in due course, following the resumption of full production.
Anglo Asian CEO Reza Vaziri commented on the progress made by the company, stating, "Despite the ongoing challenges faced by the Company, I am pleased with the substantial progress we have made, including amendments to our PSA and delivering all necessary technical and environmental approvals for the tailings dam wall raise, a critical step towards resuming full production of our operations." The company looks forward to returning to normal operations and production shortly and providing production guidance for the year.
The company's Q2 2024 production overview included gold production of 2,438 ounces, copper production of 46 tonnes, and silver production of 6,341 ounces. The sales overview for the same period included total gold bullion sales of 2,075 ounces at an average of $2,350 per ounce and total concentrate sales of 260 dry metric tonnes with a value of $1.0 million. The financials overview for Q2 2024 showed cash of $7.8 million, debt of $19.9 million, and net debt of $12.1 million.
Anglo Asian Mining PLC is a gold, copper, and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The company's strategic plan for growth aims to transition to a multi-asset, mid-tier, copper, and gold producer by 2028, with a focus on bringing into production four new mines during the period 2024 to 2028 at Zafar, Gilar, Xarxar, and Garadag.