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Anglo Asian Mining - 2012 results suggest potential value but patience will likely be required

By Steven Moore | Tuesday 28 May 2013

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.

Results today for the 2012 calendar year from AIM-listed gold producer in Azerbaijan, Anglo Asian Mining (AAZ) show a pre-tax profit of $28.55 million on revenue of $73.52 million – respectively 9.7% and 12.2% lower than in 2011 as less gold was produced and sold (42,557 ounces v. 49,304) and average cash operating costs were higher ($668 per ounce v. $448), only partially offset by a higher average gold price ($1,666 per ounce v. $1,573).

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