Anglo Asian Mining Final Results

26 May 2011
Anglo Asian Mining Final Results

Anglo Asian Mining plc has announced its results for the year ended 31 December 2010

Anglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, is pleased to announce its results for the year ended 31 December 2010.

Overview

  • Profit before tax of US$19.8 million (2009: US$11.7 million loss) on revenue of US$72.0 million (2009: US$10.3 million)
  • Gross profit of US$31.4 million (2009: US$1.9 million)
  • Operating cash flow before movement in working capital of US$47.0 million (2009: US$2.7 million)
  • Gold production at Gedabek for year ended 31 December 2010 totalled 67,267 ounces - exceeded 60,000 ounce gold forecast
  • Produced gold at an average cash operating cost of U$358 per ounce including the Government of Azerbaijan's share
  • Company gold sales of 57,398 ounces completed at an average of US$1,241 per ounce
  • Strengthening of processing operations at Gedabek - 821,176 tonnes of dry ore transferred during 2010 onto the leach pad with an average gold content of 4.33 g/t
  • Copper and silver production from SART operations - 182.5 tonnes of copper and 1,460 kg of silver (46,940 ounces)
  • JORC Resource upgrade at Gedabek - 791,000 ounces of gold, 49,300 tonnes of copper and 7,597,000 ounces of silver for all categories
  • Post period end, Gedabek has continued to perform well with gold production for Q1 2011 totalling 14,028 ounces
  • Focused on developing 1,962 sq km gold/copper exploration portfolio with the aim of replicating success at Gedabek and developing additional mining operations
  • Notice of Discovery in 300 sq km Gosha Contract Area - further exploration planned with a view to confirming a small gold deposit with production potential
  • Interest-bearing loans and borrowings reduced from US$43.0 million at 31 December 2009 to US$30.6 million at 31 December 2010 - target to have repaid International Bank of Azerbaijan loans by Q4 2011/ Q1 2012
  • Net debt, being interest-bearing loans and borrowings less cash and cash equivalents, reduced from US$42.2 million at 31 Dec 2009 to US$25.5 million at 31 December 2010

Full News Release and Results on London Stock Exchange website