LONDON/JAN. 15 (The Conway Bulletin) – Azerbaijan-based gold producer Anglo Asian, which is listed on the London Stock Exchange, posted weak fourth quarter results but said that its overall performance in 2018 had been good.
Output in the three months to the end of December fell to 21,945 ounces of gold equivalent compared to 23,185 ounces in the same period in 2017 and dented what had been a spectacular year.
In September, Anglo Asian’s share price began to rise from 42.5p after the first of a series of positive trading updates and an inaugural dividend announcement. By Dec. 4 it had peaked at 95.5p. It lost 5% after Tuesday’s announcement that Q4 had been worse than expected, triggering a drop of 5%.
Even so, total production in 2018 rose to 83,736 ounces, up 17% from 2017. This was at the top end of its guidance range.
In his commentary, Anglo Asian CEO Reza Vaziri concentrated on the full year results.
“In addition to increasing production from the previous year, Anglo Asian has also significantly strengthened its balance sheet and paid a maiden dividend, all of which has bolstered Anglo Asian’s value and investment profile,” he said.
>>This story was first published in issue 397 of The Conway Bulletin