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Anglo Asian Mining forecasts sizeable production uplift in 2018

The company is also considering paying its first dividend
gold pour
Production to rise 13% this year

Gold miner Anglo Asian Mining Plc’s (LON:AAZ) has forecast a sizeable uplift in production in the current year after revenues and profits fell in 2017.

Revenues for the year dropped to US$71.8mln from US$79.2mln as the proportion of concentrate sold increased.

WATCH: Anglo Asian Mining posts profit for 2017 and cuts net debt

Profits eased to US$5.7mln (US$6.8mln) but strong cashflow almost halved debts to US$18.1mln and the miner is bullish over the current twelve months.

Production from the new Ugur open pit is fully onstream while gold and copper prices remain high.

The Azerbaijan-based gold miner produced 71,500 gold equivalent ounces in the past year and but expects this to rise to between 78,000 and 84,000oz in 2018.

Based on the higher production and lower debts, the company is also considering paying its first dividend with a schedule to be announced next quarter.

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Anglo Asian Mining PLC Timeline

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