Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) declared a final dividend of US$0.04 that maintained its full-year pay-out at US$0.08 per share for 2022.
This was a year in which the Azerbaijani gold and copper miner met production guidance, which was lower than the previous year due to lower grades mined at Gedabek, while all-in sustaining cost of production increased to US$1,064 per ounce from US$843 due to lower production.
Profit before tax of US$7.5mln was made from revenues of US$84.7mln for the past calendar year, compared to US$12.6mln from US$92.5mln the previous year.
Cash stood at US$20.4mln at the end of December 2022, down from US$37.5mln a year earlier as US$10.2mln was spent on capital expenditure and US$7.2mln on geological exploration, with US$8.6mln paid out in dividends.
Operating cash flow before movements in working capital was US$27.2mln.
Chairman Khosrow Zamani said: “This was another important year for Anglo Asian as it transitions to a mid-tier, multi-asset copper producer.
“We met production guidance, whilst making significant progress with our new mines in accordance with our growth strategy to bring them into production in the short to medium term.”
He said the balance sheet left the group well positioned to meet its upcoming capital expenditure requirements.
In March, the group set out a medium-term growth strategy, with copper becoming its principal product by 2026 as it becomes a mid-tier, multi-asset producer by 2028.
For 2023, guidance is for total production of roughly 50,000-54,000 gold equivalent ounces, including 10,300-11,200 tonnes of copper. Last month, it reported a strong first-quarter output.