(Alliance News) - Anglo Asian Mining PLC on Thursday said it is targeting a more modest increase in gold production for 2019 and will maintain a "sustainable" dividend policy.
Shares in Anglo Asian were down 3.7% at 122.25 pence in morning trade.
Speaking at the company's annual general meeting, Chief Executive Reza Vaziri noted that the miner - which paid a maiden total dividend of USD0.07 for 2018 - posted a 26% rise in total revenue for 2018 to USD90.4 million from USD71.8 million.
Vaziri also pointed out that the Azerbaijan-focused miner's USD25.2 million 2018 pretax profit was more than four times the USDUSD5.7 million recorded in 2017.
"Cash generation is a key strength of the company and enables us to pursue development opportunities. We look forward to this cash generation continuing to underpin a sustainable dividend policy that rewards shareholders for their commitment to the company," the CEO said.
In 2019, the company will be targeting a 2.7% increase in production to 86,000 gold equivalent ounces from 83,736 ounces in 2018. In 2018, production rose 17% from 72,798 gold equivalent ounces due to successful optimisation efforts.
"Looking ahead, I am encouraged by recent results of our exploration activities that have successfully identified opportunities for potential future development of Gedabek and our other contract areas. We also believe Ordubad in particular is an untapped value opportunity. The last few years have been transformational for the company and as such we now in an excellent position to move forward," said Vaziri.
Anglo Asian (AAZ)