(Alliance News) - Anglo Asian Mining PLC had a "highly satisfactory" first half of 2019, the company said on Wednesday, with all key metrics showing improvement.
Anglo Asian, which mines from Gedabek in Azerbaijan, reported production figures for the six months to June in mid-July, showing a 7% year-on-year rise to 39,905 gold equivalent ounces, with most output being gold.
The firm on Wednesday maintained 2019 guidance of 82,000 to 86,000 gold equivalent ounces. In 2018, output was 83,736 ounces.
"We are on track to achieve our initial production target, but when translated into gold equivalent ounces at actual metal prices, the 2019 forecast outcome is now around the bottom end of the guidance range," the company did say, however.
The rise in production has helped Anglo Asian post an 8% rise in first half revenue to USD43.3 million, with pretax profit climbing 27% to USD10.3 million.
Anglo Asian is paying an interim dividend of 3.50 US cents, having returned 3.00 cents a year before, its first ever shareholder return.
"Anglo Asian's main operation at Gedabek is now well-developed and provides stable cash generation for the group. This cash flow enables the company to both pay dividends to shareholders and pursue its ambitions to grow the group into a sustainable, mid-tier gold, copper and silver producer," said Non-Executive Chair Khosrow Zamani.
The company is in an "enviable" position, it said, and it has sufficient financial strength to "seize any suitable opportunities that may arise".