JULY 14 2016 (The Conway Bulletin) — Azerbaijani miner Anglo Asian said production shrank by 5.9% to 33,837 ounces in the first half of 2016, compared to the same period last year. The company, listed in London, said it will keep its production target at 73,000/77,000 ounces for 2016 as it expects a boost in the second half.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 289, published on July 15 2016)
JULY 14 2016 (The Conway Bulletin) — Helped by the Brexit impact, shares in Azerbaijan’s Anglo Asian Mining soared at the end of June. A positive outlook has now sent them up again. Its shares closed at 19.5p on Thursday, up 5.4% in one week.
At the end of June, Anglo Asian said it would sell the remainder of its 2016 production as futures, which gave a bullish message to investors, as the company tried to raise cash to pay out some of its debt.
Despite posting a production cut in H1 2016, the company was upbeat because the second quarter outperformed the first.
“The second half of the year has historically been our best performing half due to the seasonally better weather and our production will also benefit from the second SAG mill which is due to start operating next month,” CEO Reza Vaziri said in a statement.
Overall it was a positive week for most Central Asia and South Caucasus-linked stocks, lifted by increased stability in oil and gold prices.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 289, published on July 15 2016)
JUNE 21 2011 (The Conway Bulletin) – It is difficult to overstate the potential importance of the Konimansuri Kalon silver deposit in Tajikistan.
The IFC, part of the World Bank, which is advising the government on how best to exploit the deposit, reckons that mining the silver could earn Tajikistan $2b. In 2010 according to the CIA World Factbook, Tajikistan’s total national income was just under $6b.
Reuters reported that the Chinese companies considering bidding for the contract have pulled out and that only Kazzinc, which is owned by Switzerland-based Glencore, and BHP Billiton remain in the race to partner the government.
Tajikistan is poor and mountainous. Inflation is rife and living standards are dropping.
Alongside battling a growing insurgency in the mountains, the government is pursuing a heavy-handed policy against practising Muslims which analysts say is likely to back fire and push people towards militant Islamists.
Corruption is rife in Tajikistan and the economy is reliant on a Soviet-era copper smelter with opaque finances and cash from remittances. Estimates say that money from people working abroad accounts for 50% of the Tajik economy. The illegal drug trade from neighbouring Afghanistan is also an important source of income.
The Konimansuri Kalon silver deposit, located around 50km from Tajikistan’s second city of Khujand in the northwest of the country, isn’t going to change the situation overnight but it does offer some hope.
ENDS
Copyright ©The Conway Bulletin — all rights reserved
(News report from Issue No. 46, published on June 28 2011)