Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Mining company Anglo Asian Mining reported higher annual profit after reporting record revenue as production met expectations.
For the year ended 31 December 2019, pre-tax profit rose 19% to $30.1m on-year as revenue was up 2% to a record $92.1m.
The company produced 82,795 gold equivalent ounces (GEOs), meeting its guidance range of 82,000 to 84,000.
Gold bullion sales fell to 53,992 ounces from 59,481 ounces, but prices rose to an average of $1,410 per ounce from $1,265 per ounce on-year
The company declared a final dividend declared of $0.045 per ordinary share, giving a total dividend of $0.08 per ordinary share for the year, up from $0.07 last year.
Looking ahead, the company said the Covid-19 health emergency had made the short-term outlook uncertain and forecast a slight decrease in annual output.
'We have set a production target of 75,000 to 80,000 gold equivalent ounces for 2020, which is a small decrease from 2019. This includes up to 67,000 ounces of gold and between 2,200 and 2,400 tonnes of copper,' the company said.
'We are currently still on track to achieve this production target ... At current metal prices achieving our production guidance is expected to result in a turnover in excess of $100m,' it added.
At 9:20am: (LON:AAZ) Anglo Asian Mining PLC share price was -9.5p at 117.5p