Anglo Asian Mining PLC said Thursday that its gold and copper production fell in the first quarter at its Azerbaijan project, while silver production rose.
The London-listed, Azerbaijan-focused company said gold production was 10,040 ounces, compared with 11,907 ounces a year earlier. Copper production was 568 metric tons, compared with 638 metric tons.
Silver production at the Gedabek mine in Azerbaijan rose to 50,689 ounces from 35,365 ounces, the company said.
Anglo Asian Mining said total gold bullion sales in the period were 7,519 ounces at an average of $1,904 an ounce, compared with 5,635 ounces at an average of $1,697 an ounce in the year prior.
The company said that it had cash of $29.4 million, compared with $37.5 million as of Dec. 31, and that it had an unsold gold dore and copper concentrate inventory of $8 million.
“Looking ahead, we remain in a strong financial position to execute our growth strategy,” Chief Executive Reza Vaziri said.
Shares at 0715 GMT were up 0.50 pence, or 0.5%, at 95 pence.
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