22nd May 2025 18:33
(Alliance News) - Anglo Asian Mining PLC on Thursday reported a "strong start" to 2025 trading as it posted weaker revenue in 2024, a year in which it faced "a number of challenges".
The Azerbaijan-focused gold, copper and silver miner said its pretax loss in 2024 narrowed to USD21.3 million from USD32.0 million a year earlier.
Revenue however fell 14% to USD39.6 million from USD45.9 million, with Anglo Asian Mining crediting the improved earnings to a mix of careful cost control and two material impairments in 2023.
It noted that stronger metal prices partially offset lower production, "with agitation leaching and flotation processing being suspended during most of 2024".
Impairment of geological exploration dropped by 90% to USD1.3 million from USD13.0 million.
Administrative expenses fell 6.3% to USD6.6 million from USD7.0 million, and cost of sales reduced 1.3% to USD49.7 million from USD50.3 million.
Anglo Asian Mining reported total production of 16,760 gold equivalent ounces, down 47% from 31,821 GEOs, but in line with its guidance of between 15,000 GEOs and 19,500 GEOs.
Gold bullion sales edged downwards by 3.7% to 15,251 ounces from 15,822 ounces, with the average completion price per ounce improving to USD2,432, up 25% from USD1,951.
Its shares closed up 1.9% at 132.50 pence on Thursday in London.
Anglo Asian Mining reported an "encouraging start" to 2025, with it producing 8,085 GEOs in the first quarter of the year, and said it will provide updated full-year guidance later in the year following the commencement of operations at Demirli.
It is currently guiding gold production of between 28,000 ounces and 33,000 ounces, up from 15,073 ounces in 2024. Copper production is targeted at between 6,500 tonnes and 6,800 tonnes, up significantly from 377 tonnes.
It also expects turnover to reach between USD110 million and USD125 million, from USD39.6 million. Earnings before interest, tax, depreciation and amortisation is expected between USD45 million and USD55 million, swinging from a loss of USD5.4 million.
Chief Executive Reza Vaziri said: "Despite a number of challenges during 2024, Anglo Asian delivered a robust performance with production in line with guidance.
"We are pleased to have made a strong start to 2025, with our quarter one production of 8,085 gold equivalent ounces, and have made considerable progress across our developmental portfolio.
"I look forward to providing further updates on our progress during the year, including our updated 2025 guidance which will include Demirli."
By Christopher Ward, Alliance News reporter
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