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Azerbaijan's Anglo Asian Mining eyes record FY'19 revenue as Q4 output stutters

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Azerbaijan's Anglo Asian Mining eyes record FY'19 revenue as Q4 output stutters

Anglo Asian Mining PLC expects record revenues in excess of US$90 million for fiscal year 2019, the Azerbaijani precious and base metal producer said in a Jan. 14 operational update, even as it reported a 3% fall in gold equivalent output in the fourth quarter of the year.

Buoyant commodity prices supported the London-listed company's revenue over the course of the year, even as production of gold and silver faltered. Anglo Asian's revenue rose 26% to US$90.4 million in 2018.

Gold output dipped 1.7% year over year to 17,907 ounces in the final quarter of 2019, while production of silver plummeted 37% to 41,686 ounces. Copper fared better, though, with output shooting up 24% to 729 tonnes from 588 tonnes in the same period of 2018.

For the full year, gold output shrank 4% on a yearly basis to 70,098 ounces while silver production plummeted 24% to 159,356 ounces and copper output rose 34% to 2,210 tonnes.

Sales of gold bullion fell 9.1% year over year to 54,061 ounces in 2019, which was more than compensated for, however, by an 11% rise in the average price of US$1,410/oz realized.

Anglo Asian shipped 10,264 dry metric tonnes of copper, generating US$17.9 million excluding the government of Azerbaijan's share, over the year, versus the 7,675 dmt in 2018 which brought in US$15.4 million.

The company is set to clear its debts with the repayment of the final installment of a refinancing loan in February. It had net cash reserves of more than US$21 million as of Dec. 31, 2019, up from US$6.1 million on Jan. 1, 2019.