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Cost drive at Anglo Asian

By Robert Tyerman | Friday 17 April 2015

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Anglo Asian Mining (AAZ) is working to cut costs at its flagship Gedabek mine in the Caucasian republic of Azerbaijan after boosting gold production there 52% in the first quarter of this year to 17,193 oz., though silver output nearly halved to 1,950 oz. and copper production slipped 10% to 184 tonnes. Operated from the Azerbaijan capital of Baku and quoted on AIM, the company, whose heavily-reduced pre-tax profit of £840,000 for 2013 became a £6.9 million loss in the first half of last year, is expected to show a deficit for whole of 2014, but has targeted a significant production increase in gold this year from 2014’s 60,285 oz. to between 70,000 oz. and 75,000 oz.

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