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(Alliance News) - Anglo Asian Mining PLC is looking at record annual revenue, it said Tuesday, due to solid production and a rise in commodity prices.
Anglo Asian's 2019 production was 82,795 gold equivalent ounces, 1.1% lower than the year before. Copper was up 34% to 2,210 tonnes, with gold down 4% to 70,098 ounces.
The company's silver production declined by 24% in the year to 159,356 ounces.
In the fourth quarter, gold equivalent ounce production fell 3% year-on-year to 21,284 ounces. Gold fell 1.7%, silver by 37%, but copper rose 24%.
London-based Anglo Asian had budgeted for a USD1,250 per ounce gold price in 2019. The price rose 18% over the year, and was at USD1,517 per ounce on December 31.
Copper prices rose 3.5% over the year, and were ahead of budget, with silver climbing 15% and easily topping Anglo Asian's budgeted price.
"We have had another strong year, delivering production in line with expectations and also making good progress with our exploration programme," commented Chief Executive Reza Vaziri.
"We report our production in gold equivalent ounces which have reduced due to the increase in the market price of gold relative to the market price of copper during the year."
Vaziri said financial performance has been "exceptional", and the company has increased its cash pile despite tax payments and dividends. Anglo Asian will be paying the final instalment of a debt repayment in February, meaning it will be debt-free.
"The company is in a strong operational position and robust financial health as we move into 2020," the CEO added.
Anglo Asian shares were 1.0% higher on Tuesday morning in London at a price of 146.00 pence each.
By George Collard; georgecollard@alliancenews.com
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