- Wednesday, October 16, 2024
Shares in Anglo Asian Mining took a dive after the mining company reported a decrease in first-half pretax profit due to higher costs. As of 0839 GMT, shares were down by 40% at 39 pence.
This London-listed company, with a focus on operations in Azerbaijan, expressed concerns about its future. It is currently awaiting a report to restart operations in full, and until then, it faces a significant uncertainty regarding its ability to continue.
Anglo Asian Mining has commissioned Micon International to conduct a comprehensive review of its tailings dam management at the Gedabek concession. This review is near completion, and the company expects necessary changes to be made to rectify any identified issues.
As a result of an ongoing environmental inspection, the company has temporarily halted its agitation leaching and flotation processes, which are essential for ore processing. It is anticipated that these activities will resume in the first quarter of 2024.
Reflecting the decrease in gold and silver sales, the company's revenue fell from $31.5 million to $30.8 million. Similarly, its pretax profit decreased significantly from $5.7 million in the previous year to $1.4 million.
In light of these challenges, Anglo Asian Mining has revised its production guidance for the year. The new estimate now falls between 30,000 and 34,000 gold-equivalent ounces, down from the previous projection of 50,000 to 54,000 gold-equivalent ounces.
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