Anglo Asian shares soar on record gold production

Anglo Asian shares soar on record gold production

Anglo Asian's flagship Gedabek mine.

Anglo Asian Mining (LON:AAZ) shares soared as Azerbaijan’s top bullion producer posted record gold output from its flagship Gedabek mine in the first half of the year.

The company stock jumped up around 23% to 7.25p, closing at 6.35p, as the company announced it increased production by 32.8% to 35,938 ounces between January and June, and targeted an output of 70,000 to 75,000 ounces for 2015.

Chief executive Reza Vaziri said gold production in the period exceeded the group's internal production estimate and ideally positioned Anglo Asian for a strong remainder of 2015.

"The second half of the year has historically been our best performing half due to the seasonally better weather and we are confident of meeting our production target for 2015 of between 70,000 and 75,000 ounces of gold,” he said in a statement.

The London-listed miner also increased production of copper at both Gedabek and its other operation, Gosha mine, to 418 tonnes in the January to June period from 369 tonnes in the same period last year.

Anglo Asian, which started mining at Gedabek six years ago, plans to develop seven mines in western Azerbaijan with estimated gold reserves of 430 tonnes.

Image courtesy of Anglo Asian.