Anglo Asian still on track for US$100mln in sales, despite downgrade to production guidance

Anglo Asian still on track for US$100mln in sales, despite downgrade to production guidance

Anglo Asian Mining PLC (LON:AAZ) said it is set to produce between 68,000 and 72,000 ounces of gold equivalent in the year to December 2020 from its operations in Azerbaijan.

The number is lower than initial expectations, as a number of engineering staff were conscripted to participate in the recent conflict with Armenia.

Underground development was consequently slower and less tunnelling progress was also made, due to underground rock faulting.

However, Anglo Asian noted that it is still on track to achieve sales of over US$100mln.

Staff members who were conscripted due to the territorial dispute with Armenia are expected to return to work early next year after the military starts to demobilise.

Published at Tue, 24 Nov 2020 08:17:00 +0000-Anglo Asian still on track for US$100mln in sales, despite downgrade to production guidance