Anglo Asian copper output surges as Demirli mine ramps up

Anglo Asian Mining reported a surge in copper manufacturing as its new Demirli mine in Azerbaijan ramps up, making it a majority copper producer.

The miner stated it produced 5,514 tonnes of copper within the third quarter, up from 5,129 tonnes within the earlier quarter and greater than double the two,288 tonnes a 12 months earlier, with Demirli anticipated to achieve full manufacturing by the top of November.

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Copper output for the primary 9 months reached a file 14,354 tonnes, greater than 4 occasions the extent of a 12 months earlier. Gold manufacturing was broadly flat, and silver rose.

The firm benefited from sturdy treasured metals costs, promoting gold at a median of $4,259 an oz., up from $3,430 a 12 months earlier. It offered copper focus price $80.5m within the quarter, with its new Demirli operation contributing the bulk. It ended the interval with money of $56.5m.

Anglo Asian maintained its full-year steerage of 20,000 to 25,000 tonnes of copper, and stated it was nicely positioned to develop into a mid-tier copper producer. Chief govt Reza Vaziri stated the Demirli ramp-up remained on observe.

Anglo Asian Mining shares have been little modified on Thursday, with the replace justifying the inventory’s rally earlier within the 12 months, moderately than offering a contemporary catalyst for additional upside.