Anglo Asian Mining Results : News from McNeill.org.uk

Anglo Asian Mining Results

20 September 2011
Anglo Asian Mining Results

Anglo Asian Mining plc Interim Results

Anglo Asian Mining plc, the AIM listed emerging gold producer, is pleased to announce its interim results for the six months ended 30 June 2011.

Overview

  • Profit before tax up 129% to US$14.2 million (30 June 2010: US$6.2 million)
  • Gross profit up 62.5% to US$19.8 million (2010: US$12.3 million)
  • Revenue up 35.6% to US$38.5 million (2010: US$28.4 million)
  • Operating cash flows before movement in working capital of US$24.8 million (2010: US$18.6 million)
  • Gold production at Gedabek gold/copper mine for the six months to 30 June 2011 totalled 28,610 ounces of gold
  • Gold production target for FY 2011 between 58,000 ounces to 60,000 ounces
  • Produced gold at an average cash operating cost of US$445 per ounce of gold including the Government of Azerbaijan's share and US$524 per ounce of gold net of the Government of Azerbaijan's share
  • Feasibility study in progress for new agitation leaching plant at Gedabek to improve total gold recovery and increase life of mine
  • First sales of copper concentrate from SART operations at Gedabek recorded of US$2.1 million
  • Repaid US$12.6 million of loans to International Bank of Azerbaijan - outstanding loans at 30 June 2011 total US$18.0 million (2010: US$42.1 million)
  • Focussed on developing 1,962 sq km gold/copper exploration portfolio with the aim of replicating success at Gedabek and developing additional mining operations

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