Anglo Asian Mining produced 71,461 gold equivalent ounces 2017 - near the top end of the company's forecast of 64,000 to 72,000 GEOs.
It said production was just over 1% lower than FY 2016 despite suspension of mining for part of the year from the main open pit and the Gadir underground mine whilst production optimisation was carried out.
Copper output was up 2.6% at 1,991 tonnes; silver production rose by 4.7% to 172,853 ounces and gold output was down 8.8% at 59,617 ounces.
- Net debt reduced by approximately 47% during FY 2017 to $18.3 million at 31 December 2017 (31 December 2016: $34.6 million)
- Water treatment plant now producing around 200,000 litres of clean water per day and a six-metre raise of the tailings dam wall completed in Q4 2017
- Operational performance anticipated to be further enhanced in 2018 due to
* Recommencement of mining operations from the main Gedabek open pit in Q1 2018
* Recommencement of flotation processing, independent of the agitation leaching plant, following installation of a second, dedicated crusher line targeted for Q2 2018 - this will increase processing capacity significantly
Chief executive Reza Vaziri said: 'I am delighted to report that following a very strong performance in Q4 2017, Anglo Asian has delivered full year production at the very top of its published forecast range.
'This is a considerable achievement in itself, but when taken together with the recent expansion and production optimisation initiatives put in place and commencement of production from Ugur, it is clear that 2017 was an overwhelmingly successful year for Anglo Asian.
'The almost halving of net debt in the year is also a significant achievement as the Company returns to financial health.
'Anglo Asian is continuing to lay the foundations for long term sustainable production growth and to deliver value to its shareholders. Mining is expected to recommence at our main open pit at Gedabek in the near-term together with the installation of a second, dedicated crusher line for the flotation plant.
'These should significantly enhance our production profile throughout 2018.'
At 9:06am: (LON:AAZ) Anglo Asian Mining PLC share price was +4.5p at 43.5p