Business
Full year results - 2016
Full year results - 2016.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 1626G Anglo Asian Mining PLC 25 May 2017 \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n25 May 2017\nAnglo Asian Mining PLC \nFull year results - 2016\n \nAnglo Asian Mining plc (\"Anglo Asian\" or \"the Company\"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce its final audited results for the year ended 31 December 2016 (\"FY 2016\"). Note that all references to \"$\" are to United States Dollars.\n \nHighlights\n \n· Strong financial performance with the return of the Company to profitability \n· Total gold production for FY 2016 of 65,394 ounces (FY 2015: 72,032 ounces)\n· Gold sales in FY 2016 of 53,281 ounces (FY 2015: 63,924 ounces) completed at an average price of $1,253 per ounce (FY 2015: $1,161 per ounce)\n· Gold produced in 2016 at an all in sustaining cost net of by-product credits of $616 per ounce (2015: $858 per ounce). Lower cash operating cost due to increase in flotation production and cost reduction initiatives\n· Copper production for FY 2016 was 1,941 tonnes, a 100 per cent. increase compared to 969 tonnes produced in FY 2015\n· Silver production for FY 2016 totalled 165,131 ounces (FY 2015: 28,626 ounces)\n· Production targets for FY 2017 of 52,000 to 58,000 ounces of gold and 2,000 to 2,400 tonnes of copper \n· Total production target for FY 2017 expressed as gold equivalent ounces (\"GEOs\") of between 64,000 GEOs and 72,000 GEOs compared to FY 2016 of 72,304 GEOs \n· First full year of production from flotation plant - 6,339 dry metric tonnes of concentrate containing 1,121 tonnes of copper, 4,430 ounces of gold and 122,965 ounces of silver were produced in 2016\n· Gedabek site connected to the Azerbaijan national power grid\n· Extensive exploration programme carried out with the discovery of the Ugur gold deposit\n \nFinancials\n \n· Total revenues increased in 2016 to $79.2 million (2015: $78.1 million)\n· Profit before taxation in 2016 of $6.8 million (2015: loss before taxation of $8.9 million) \n· Operating cash flow before movements ...