Anglo Asian Mining, the London listed gold, copper and silver producer, reported a return to profitability in the first half of 2018, driven by a doubling of copper production. The company, which operates in Azerbaijan, said its copper output rose to 1,721 tonnes in the six months to June 30, up from 843 tonnes a year earlier.
The increased production helped the company to post a pre-tax profit of $3.7 million in the first half of the year, compared to a loss of $0.7 million a year earlier. Revenues rose to $25.2 million, up from $15.7 million in the same period of 2017. The company also reported a record production of gold in the first half of the year, with total production of 21,845 ounces, up from 20,567 ounces in the first half of 2017.
Commenting on the results, Anglo Asian Mining’s Chief Executive Officer, Reza Vaziri, said: “We are pleased to report a return to profitability for the first half of 2018, driven by a doubling of copper production and record gold production. We are now well positioned to deliver further growth in the second half of the year as we continue to benefit from our strong operational performance.”
Mr Vaziri added that the company had made “significant progress” in the first half of the year, with the completion of the construction of the Gedabek processing plant and the expansion of the Gedabek mine. He also noted that the company had made “substantial progress” in the development of its new mine at Gadir, which is expected to begin production in 2019.
The company’s financial performance was also boosted by a rise in the price of copper, which rose by 11% in the first half of the year. The company said it was well placed to benefit from further rises in the price of copper, as well as gold, silver and zinc. Overall, the results were welcomed by investors, with the company’s share price rising by 4% on the news.
Anglo Asian Mining’s strong performance in the first half of 2018 is a sign that the company is on track to deliver further growth in the second half of the year. With the completion of the Gedabek processing plant and the expansion of the Gedabek mine, as well as the development of the Gadir mine, the company is well placed to benefit from further rises in the price of copper and other metals.
