Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAnglo Asian Share News (AAZ)

Share Price Information for Anglo Asian (AAZ)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 67.00
Bid: 66.00
Ask: 68.00
Change: 0.80 (1.19%)
Spread: 2.00 (3.03%)
Open: 68.00
High: 68.00
Low: 66.20
Prev. Close: 67.20
AAZ Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Anglo Asian Mining Plunges As It Swings To First Half Loss On Costs

Tue, 23rd Sep 2014 07:35

LONDON (Alliance News) - Anglo Asian Mining PLC shares dropped heavily in opening trade on Tuesday after the company swung to a loss in the first half on the back of a big rise in costs which offset increased revenue in the period.

Shares in the group were down 23% in early trading to 8.50 pence, making it the worst performer in the AIM All-Share index.

The group said its made a pretax loss of USD7.5 million in the six months to June 30, compared to a USD4.2 million profit a year earlier. Revenue in the period was up, rising to USD32.7 million from USD27.6 million last year, but this was offset by a near doubling in the group's cost of sales in the period, which rose to USD33.5 million from USD18.3 million last year.

The company said the rise in the cost of sales in the period was attributable to higher processing costs after the commissioning of its agitation leaching plant in June 2013 and a rise in the cost of fuel.

Production for the group in the period was up from its flagship Gedabek gold, silver and copper mine, located in Azerbaijan. Gold production in the period rose to 27,054 ounces, against 17,497 ounces last year, while silver production increased to 21,924 ounces against 10,661 ounces in 2013.

Copper concentrate production also jumped at the site, rising to 646 dry metric tonnes against 285 last year.

Sales volumes improved over the period, but the average selling price per ounce for gold was down against the year before. In the first half, the group sold 23,545 ounces at an average of USD1,297 per ounce, against 14,229 ounces sold at an average of USD1,561 per ounce last year.

The company said the half year had proved difficult for the company, adding it was disappointed to have posted a loss given the strong production figures in the period. It said the second half is currently looking more positive and said it is focusing on trying to control costs at its agitation leaching plant.

The group said it expects the second half to be an improvement on the first and expects full year gold production to hit 62,000 ounces and copper production to hit 750 tonnes.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2014 Alliance News Limited. All Rights Reserved.

More News
21 Jul 2020 18:03

Conroy Gold Surges As It Strikes Longford Down Deal With Anglo Asian

Conroy Gold Surges As It Strikes Longford Down Deal With Anglo Asian

Read more
21 Jul 2020 09:13

Conroy Gold shares surge on proposed Anglo Asian joint venture

(Sharecast News) - Ireland and Finland-focussed Conroy Gold and Natural Resources has entered into non-binding heads of terms over a proposed joint venture with Anglo Asian Mining, it announced on Tuesday.

Read more
15 Jul 2020 18:03

Anglo Asian Mining Reports Fall In Gold Production In Second Quarter

Anglo Asian Mining Reports Fall In Gold Production In Second Quarter

Read more
15 Jul 2020 13:23

Covid restrictions affecting productivity for Anglo Asian Mining

(Sharecast News) - Azerbaijan-focussed gold, silver and copper producer Anglo Asian Mining reported a $3.2m (£2.53m) increase in cash in its second quarter on Wednesday, to $29.2m.

Read more
21 May 2020 15:45

Anglo Asian prioritising work at five discoveries

(Sharecast News) - Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining updated the market on its strategy on Thursday, saying it was prioritising discoveries identified by its current exploration to increase production and mine life.

Read more
13 May 2020 13:49

Anglo Asian Mining Profit Rises But Production Set To Fall In 2020

Anglo Asian Mining Profit Rises But Production Set To Fall In 2020

Read more
16 Apr 2020 14:57

UK TRADING UPDATE SUMMARY: NHS Uses Induction Healthcare's Mobile App

UK TRADING UPDATE SUMMARY: NHS Uses Induction Healthcare's Mobile App

Read more
15 Apr 2020 11:07

Anglo Asian Mining reports production in line with guidance

(Sharecast News) - Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining reported production of 18,609 gold equivalent ounces in its first quarter on Wednesday, calculated using budgeted metal prices, which was in line with the guidance it announced on 11 March.

Read more
7 Apr 2020 12:47

UK TRADING UPDATE SUMMARY: GCP Student Living Terminates Acquisition

UK TRADING UPDATE SUMMARY: GCP Student Living Terminates Acquisition

Read more
26 Mar 2020 12:47

UK TRADING UPDATE SUMMARY: Dividends Continue To Suffer From Covid-19

UK TRADING UPDATE SUMMARY: Dividends Continue To Suffer From Covid-19

Read more
11 Mar 2020 15:57

Anglo Asian Mining issues lower gold production forecast

(Sharecast News) - Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining said revenue for the 2020 financial year would "significantly increase" to more than $100m at current metal prices, in its guidance for the year on Wednesday.

Read more
11 Mar 2020 10:01

Anglo Asian Mining Forecasts Revenue Growth Despite Production Drop

Anglo Asian Mining Forecasts Revenue Growth Despite Production Drop

Read more
24 Feb 2020 11:59

Anglo Asian Mining Confident On Expanding Assets In Azerbaijan

Anglo Asian Mining Confident On Expanding Assets In Azerbaijan

Read more
24 Feb 2020 10:07

Anglo Asian Mining lays down 2020 work programme

(Sharecast News) - Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining updated the market on the overall progress of its exploration programme on Monday, and detailed its planned exploration for 2020.

Read more
12 Feb 2020 15:53

Anglo Asian Mining makes final bank loan payment, is debt-free

(Sharecast News) - Anglo Asian Mining has made the final repayment of its bank loan finance, it announced on Wednesday, and was now debt-free.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.