Anglo Asian Mining PLC has released its operational and production review for the fourth quarter and twelve months to 31 December 2023. The company's production during the period was significantly reduced due to operations being partially suspended as the Company and third-party contractors finalized the results of an environmental audit at its operations. An action plan was agreed with the Government of Azerbaijan on 7 November 2023, and the Company was pleased to restart mining at Gedabek in December 2023.
The total FY 2023 production was 31,821 gold equivalent ounces ("GEOs"), in the mid-range of the revised guidance of 30,000 to 34,000 GEOs. The Q4 2023 production was 3,080 GEOs. The company also provided an operational update, including the restart of mining from the Gedabek open pit in December 2023 and the ramping up of operations with flotation production restarting in Q2 2024.
The company's net debt at 31 December 2023 was $10.3 million, with negotiations ongoing to refinance $3.7 million of the mining fleet purchase price with vendor financing. The company had gross cash of $10.3 million at 31 December 2023, drawn down from International Bank of Azerbaijan under its revolving credit facility and loan agreements. Additionally, the company had inventory at market value of $7.1 million at 31 December 2023.
Anglo Asian CEO Reza Vaziri commented on the challenges faced during the period and the restart of operations, stating, "Despite a number of challenges faced during the Period, we are pleased to announce production within our previously revised guidance range." Looking ahead to 2024, the company aims to prioritize the development of its asset portfolio in line with its growth strategy, while driving production from its existing mines.