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Anglo Asian Mining lowers AISC to US$703

Anglo Asian Mining Plc (AAZ:AIM)

Gold, copper and silver production & exploration in Azerbaijan; the company posted an updated investor presentation today.

The presentation provides details of the all in sustaining costs per ounce of gold produced at their Gedabek mine in Western Azerbaijan. Target production for the full year to 31 December 2016 is 73k – 77k ounces of gold and 1700 – 2100 tonnes of copper.

AISC for the six months to 30 June 2016 was US$703/oz; this compares to US$925/oz for 30 June 2015.

Royalty costs are excluded from the AISC calculation as the Production Sharing Agreement with the Government of Azerbaijan is structured as a revenue sharing agreement. AISC is calculated using a cost of sales which is the cost of producing 100% of the gold and such costs are allocated to total gold production including the Government of Azerbaijan’s share.

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