Anglo Asian Mining plc, a gold, copper and silver producer with operations in Azerbaijan, announced that it had returned to profitability in the six months to June 30th 2019. The company reported a pre-tax profit of $1.5 million, compared to a loss of $1.2 million in the same period last year.
The company attributed its return to profitability to increased copper production, which more than doubled to 3,873 tonnes from 1,839 tonnes in the same period last year. The company also reported higher gold and silver production, with gold output up by 35% to 10,955 ounces and silver production up by 39% to 89,234 ounces.
The company’s chief executive, Reza Vaziri, said: “We are pleased that the group has returned to profitability for the first time in two years. This is a significant milestone and is testament to the hard work of our team and the continued support of our shareholders.
“Our increased copper production has been the major contributor to our improved performance. We have been able to increase our copper production by more than double in the first half of the year, despite the challenging market conditions. This is a testament to the hard work and dedication of our team.”
The increased copper production was driven by the company’s Gedabek mine, which produced 3,621 tonnes of copper in the first half of the year, compared to 1,742 tonnes in the same period last year. The company also reported a higher grade of copper ore at the mine, with an average grade of 1.76% compared to 1.58% in the same period last year.
The company also reported higher gold and silver production from its Gosha and Ugur mines. Gold production from Gosha increased by 20% to 8,851 ounces, while silver production increased by 33% to 64,837 ounces.
The company said that it had continued to invest in its operations in the first half of the year, with capital expenditure of $8.5 million. This included investment in new mining equipment and the expansion of its processing plant.
The company said that it had also made progress in its exploration activities, with the completion of a geophysical survey at its Gedabek mine. The survey revealed the presence of several new mineralised zones, which the company said could potentially increase its copper resources.
Looking ahead, the company said that it expected to continue to benefit from increased copper production in the second half of the year. It also said that it was continuing to invest in its operations and exploration activities in order to further increase its gold, copper and silver production.
Overall, Anglo Asian Mining plc has returned to profitability in the first half of the year, driven by increased copper production and higher gold and silver production. The company is continuing to invest in its operations and exploration activities in order to further increase its production in the second half of the year.
