Gold prices double Anglo-Asian profits

Central Asia focused gold miner, Anglo Asian Mining, saw profits more than double in the first six months of the year as demand for gold pushed up prices.Profit before tax was up 129% to $14.2m, while revenues were up 36% to $38.5m.Anglo Asian sold 24,586 oz of gold at an average of $1,450 per oz, compared to a 2010 average price of $1,155.But the firm said it was slightly behind its 30,000 oz gold production target for the first half of the year due to recovery and production problems.Non-executive chairman Khosrow Zamani said with the buoyant gold price set to continue and speculation that the price range of US$1,700 to US$1,900 will be maintained, he was confident of the on-going profitability and success of the firm's flagship Gedabek operation in Azerbaijan.Gold has rocketed in price as investors see it as a safe haven from the sovereign debt crisis, particularly in Europe.Zamani added that copper production had increasing quarter-on-quarter, which would add increased profitability to Anglo's bottom line once sales of its concentrate were finalised.