LONDON (Alliance News) - Anglo Asian Mining PLC said Thursday its profit and revenue dipped in 2017 but the miner plans to pay a maiden dividend.
The Azerbaijan gold, copper and silver producer said its pretax profit for 2017 was down 19% to USD5.7 million from USD6.8 million in 2016. The company's total revenue was down 10% to USD71.8 million from USD79.2 million the year before.
Anglo Asian's total production slipped 1.2% to 71,461 gold equivalent ounces from 72,304 ounces. Gold production was down 9.7% to 59,617 ounces from 65,394 ounces.
The company said "significant exploration and optimisation initiatives" impacted operations during the year. But this will lead to increased production in current financial year.
Gold bullion sales of 43,496 ounces were achieved, up from 53,281 ounces, at an average USD1,265 per ounce, up from USD1,253 per ounce.
The company said it was planning on paying a maiden dividend. An announcement on its dividend policy is expected no later than the third quarter of 2018.
Anglo Asian is targeting "significantly higher" production in 2018 due to opening a new mine in 2017 and carried out "several initiatives" to maintain and increase production at its existing mines.
As a result, it has a production rate of between 78,000 ounces and 84,000 gold equivalent ounces, a 13% increase on the year before. And the company said it is on track to achieve it.
Shares in Anglo Asian Mining were up 2.0% to 48.95 pence each Thursday.
Anglo Asian (AAZ)