Miner in Azerbaijan, Anglo Asian Mining (AAZ) has announced results for the first half of 2021 and that “FY 2021 Production guidance of between 64,000 to 72,000 gold equivalent ounces remains unchanged”. That follows first-half production of 32,171 gold equivalent ounces.
Average gold sale price was up from a corresponding 2020 period $1,649/oz to $1,776/oz, though all-in sustaining cost of gold production was up from $743/oz to $848/oz “due to the fixed cost impact of lower production and increased consumption and prices of certain consumables including diesel and reagents”. The net result was a lower profit of $3.6 million on revenue of $43.5 million and, after $1.7 million of dividends paid and a net $5.9 million of investment spending, cash (net) $2.2 million lower to $36.6 million. Other current assets were $7.3 million higher at $55.8 million, with total liabilities $1.7 million higher at $59.5 million.
There is a 4.5 cents per share dividend to be paid on 4th November with an ex-dividend date of 7th October. The company also states that it is “making encouraging progress with our exploration programme and expect to complete the final mineral resource estimate for Zafar by the end of 2021 or early 2022, while we also continue to assess other high-priority ZTEM targets”. We previously noted Zafar encouragement with also it only approximately 1.5 kilometres from the existing Gedabek processing facilities and economic assessment of it being fast-tracked with a view to starting production in 2023.
The shares are currently 122p to buy, giving a market cap of circa £139.5 million, currently approx. $192 million. With still $5.7 million of net cash generated from operating activities in an obviously challenging first half and the expansion potential, we still consider a return to a 175p+ share price quite realistic. Still a Buy.
This article first appeared on the N50 website which Tom Winnifrith runs with Steve Moore & Lucian Miers. To access the website for Lucian's most recent shorting idea from this week and for a new share tip AT 2PM TODAY click HERE
Filed under: Anglo Asian Mining, Mercantile Ports & Logistics, SkinBioTherapeutics, URU Metals
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