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Anglo Asian Mining
- BY: Andrew Hore |
- POSTED: 12/04/2010 |
- COMMENTS: Add yours
Anglo Asian Mining has produced more than 25,000 ounces of gold at its Gedabek mine in Azerbaijan.
The original target was to produce 25,000 ounces of gold in the first full year of operation to end-June 2010. Anglo Asian produced more than 6,000 ounces of gold in March alone. The price that the gold has been sold at has increased since production started in July 2009. The average price in March was $1,111 per ounce.
Azerbaijan’s rainy season is beginning and this could hamper production. Anglo Asian forecasts production of 53,500 ounces of gold during 2010.
Anglo Asian has agreed to pay back its chief executive’s loan of $999,000 on 30 November. There is an annual interest rate of 8%.
At the end of June 2009, Anglo Asian had net debt of $35.7m and that was before the chief executive’s loan.
Under the Production Sharing Agreement, the government of Azerbaijan receives 12.75% of gold produced until Anglo Asian has recovered its capital, operating and financing costs in full at which point the government will then be entitled to 51% of profits.
House broker Numis forecasts a loss in 2009 but profits of $20.2m on sales of $40.3m in 2010. At 17.5p a share, Anglo Asian is trading on less than two times 2010 earnings. Numis expects profits to grow in 2011 but fall sharply in 2012. Numis has set a target price of 24p a share. Anglo Asian is valued at £19.2m.
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