Anglo-Asian Mining announces forward sale of 4,600 ounces of gold bullion

Anglo Asian Mining PLC, the AIM-listed gold, copper, and silver producer focused in Azerbaijan, announces that it has taken a forward sale position for 4,600 ounces of gold bullion over a 7-month period from June to December 2023, Report informs, citing the company.

This supports the Company's medium-term growth strategy, culminating in its transition to a mid-tier copper producer, and is prudent in light of forthcoming capital expenditure requirements.

Monthly forward sales of gold bullion have been made equivalent to approximately 25% to 30% of each month's budgeted gold doré production.
"The contracts mature at the end of each respective month and a total of 4,600 ounces of gold bullion has been forward sold. The forward sales have been made at prices between $1,949.75 to $1,979.25 per ounce of gold. The spot price of gold at the time of contracting the forward sales was $1,947.50."

The Company will report the execution of these forward sales contracts in its quarterly Production and Operations reviews.