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Anglo Asian Mining trimmed its output guidance for the full-year following minor delays amid the Azeri-Armenian conflict. The company reported that quarterly production rose by 25% in the third quarter of the year.
The company estimated a 5-to-10% reduction may be required from the current guidance of 75,000 to 80,000 gold equivalent ounces.
Full-Year 2020 production guidance was currently under review following some minor delays in the underground development arising from the effects of the Azeri and Armenian conflict following the 'conscription of a number of engineering staff and some recently encountered temporary delays due to underground rock faulting,' the company said.
Third-quarter production expressed as gold equivalent ounces was up 25% to 18,451 GEOs from the second quarter, and 6,335 ounces of gold at refiner were sold.
Sales were lowered in the third quarter, owing to 6,335 ounces of unsold company inventory held at 30 September 2020, the company said.
There was a 'significant' increase in average price of gold bullion sold in Q3 2020 to $1,947 per ounce, up from $1,649 per ounce seen at in the first half of the year, the company said.
At 9:20am: (LON:AAZ) Anglo Asian Mining PLC share price was -13.5p at 107p