26th Sep 2013 09:55
LONDON (Alliance News) - Anglo Asian Mining PLC Thursday said pretax profits halved in its first half as lower production rates hit the company's finances.
The gold- and copper-focused mining company with operations in Azerbaijan said its pretax profits fell 60% to USD4.2 million from USD10.5 million for the six months ended June 30.
The company said its sales were down 8.3% to USD27.6 million from USD30.1 million and the company's cost of sales increased 13% to USD18.3 million from USD15.9 million.
Gold production was down at the company to 17,497 ounces from 21,641 ounces, and silver production was down to 10,661 ounces from 12,174 ounces, as higher grades were stockpiled pending the integration of a new Agitation Leaching Plant.
The company said it expects to produce 42,500 ounces of gold in its second half as its Gedabek Mine ramps up towards full production in 2014. The company is therefore on target for its full-year expectations of 60,000 ounces of gold production.
Anglo Asian Mining shares were up 0.05 pence to 31.17p Thursday morning.
By Tom McIvor; [email protected]; @TomMcIvor1
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