Azerbaijan-focused Anglo Asian Mining Plc (LON:AAZ) said increased metal prices in 2016 give it confidence of a sustained recovery, as it posted 2015 results, which showed record gold production from its Gedabek mine.
Total output of the yellow metal was 72,032 ounces, compared to 60,285 ounces in 2014, while sales were 63,924 ounces (2014: 50,615 ounces) for an average of $1,161 per ounce (2014: $1,267 per ounce).
The group loss before tax reduced to $8.9 million from $14.4mln in 2014, while revenues grew to $78.1 million (2014: $68mln).
Silver production for 2015 reduced to 28,628 ounces from 31,177 ounces in 2014 due to changing mineralogy, while copper ouput was 969 - 24% higher than in 2014.
As reported last month, the firm has seen a slow-down in gold production in its first quarter due to weather and geology but an uplift in copper and gold output.
It was the first full quarter of production from the small flotation plant installed at the end of last year, and the firm is looking forward to ramping up output from this facility in the months ahead.
It is targeting to produce a Total of between 73,000 and 77,000 ounces of the yellow metal for the year ahead, including around 4-5,000 ounces from the plant.
The miner is targeting copper output for the year of between 1,700 tonnes and 2,100 tonnes.
"Our forecast gold production for 2016 is slightly higher than that achieved in 2015, and there will be a full year's contribution from our new flotation plant. We are also benefiting from lower costs due to the devaluation of the Azerbaijan Manat. Accordingly, we believe the outlook for 2016 represents a further improvement over 2015 and look forward to updating shareholders on our progress," the group said.