Anglo Asian production grows, cautions on GEO guidance
Azerbaijan copper/gold miner Anglo Asian produced 39 905 gold-equivalent ounces (GEOs) in the six months ended June 30, which is a 7% increase on the first half of 2018.
Gold production increased to 34 349 oz and copper production increased to 963 t, the Aim-listed company reported on Wednesday.
Revenue increased by $3.3-million to $43.3-million, owing to higher gold bullion and copper sales. Profit after tax increased to $6.6-million, from $5.1-million in the first half of 2018.
The all-in sustaining cost increased in the six months under review to $603/oz, which Anglo Asian said reflected a $2.7-million increase in cash costs, owing to mining a higher volume of ore.
Some of the additional ore mined has been stockpiled for use in 2020, which would reduce the mining costs next year.
Anglo Asian has a production target of between 82 000 and 86 000 GEOs for 2019, which was calculated using metal prices at the beginning of the year. However, the increase in the price of gold and decrease in the price of copper since had resulted in one tonne of copper decreasing in value from about 4.7 to 3.8 GEOs.
“We are on track to achieve our initial production target, but when translated into GEOs at actual metal prices, the 2019 forecast outcome is now around the bottom end of the guidance range,” chairperson Khosrow Zamani said in a statement.
Anglo Asian declared an interim dividend, in respect of the year ended December 2019, of 3.50c an ordinary share, which would be paid gross on October 31, 2019.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
