Anglo Asian Mining (AAZ.L) has provided a production forecast for its Gedabek gold mine in Azerbaijan. The mine has been in production since 2009 as an open pit mine before Anglo Asian also started to mine the underground Gadir mine in combination with another underground mine 50 kilometers away and the Ugur open pit.
In 2018, Anglo-Asian produced almost 84,000 gold-equivalent ounces from its Gedabek processing plant, and plans to produce a similar amount in 2019 as it’s aiming for a gold production of 65,000-67,500 ounces as well as a copper production of 3,100-3,300 tonnes (7-8 million pounds). The copper production should start to increase throughout 2019 thanks to the complete implementation of the flotation circuit which should mitigate the impact of lower gold grades. The contribution from the copper sales expressed in gold-equivalent ounces will increase by in excess of 50% to 28-30,000 ounces.
Anglo Asian also plans to treat its shareholders to a full-year dividend of $0.06, and will pay a final dividend of $0.03 sometime in July after getting approval from the AGM in June. The 6 dollar cents is the equivalent of 4.6 pence indicating a dividend yield of 6.7% based on Anglo Asian’s current share price of 69 pence.