Anglo Asian returns to profitability
JOHANNESBURG (miningweekly.com) – Base and precious metals producer Anglo Asian Mining has returned to profitability, as the company’s production profile is evolving into one in which copper is playing an increasingly significant role.
The Aim-listed miner, which has operations in Azerbaijan, doubled its copper production from 969 t to 1 941 t in the year ended December 2016, reflecting the first full year of production from a new flotation plant. The copper performance offset weaker gold production, which decreased to 65 394 oz, from 72 032 oz in 2015, owing to lower grades in the final quarter. Silver production surged to 165 131 oz, from 28 626 oz the previous year.
Anglo Asian benefited from higher precious metals prices in 2016, with the average gold price of $1 253/oz being 8% higher than in 2015.
“The increase in copper and silver production, together with improved precious metal prices, beneficially impacted on our financial results for the year and as a result, revenues increased slightly in 2016,” nonexecutive chairperson Khosrow Zamani said on Thursday.
Revenue increased from $78.06-million in 2015 to $79.18-million last year. All-in sustaining costs fell from $858/oz in 2015 to $616/oz in 2016, resulting in an operating profit of $11.7-million, from an operating loss of $3.2-million in 2015. The company turned a net profit of $3.98-million, compared with a loss of $7.38-million in 2015.
Anglo Asian has set a production target of 52 000 oz to 58 000 oz of gold and 2 000 t to 2 400 t of copper for 2017. Expressed as gold-equivalent ounces, the total production target for 2017 is between 64 000 oz and 72 000 oz, compared with 72 304 oz in 2016.
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