31 August 2010 - Interim results

AIMC is pleased to announce its interim results for the six months ended 30 June 2010.


Owner of AIMC and RVIG, Anglo Asian Mining Plc announced their interim results for the six months ended 30 June 2010.


  • Maiden profit before tax of $6.2 million
  • Gross profit of $12.3 million
  • Revenue of $28.4 million
  • Gold production at Gedabek continued to increase quarter on quarter with production for six months to 30 June totalling 28,493 oz Au
  • Gold production target for FY 2010 increased to 60,000 oz Au
  • Produced gold at an average cash operating cost of US$324 per oz Au including the Government of Azerbaijan’s share and $372 per ounce Au net of the Government of Azerbaijan’s share for six months to 30 June 2010
  • Commencement of production from SART with copper concentrate containing approximately 79 tonnes of Cu, 670kg Ag and 12kg Au produced in the period
  • First indications from SGS’s review of Gedabek’s resource data suggest an uplift of 25% to 30% in the Au content of the Measured and Indicated category, including ore mined up until 7 June 2010
  • 6.4 million tonnes of resource newly advanced to Measured category
  • Commenced repayment of loans to the International Bank of Azerbaijan
  • Focussed on developing 1,962 sq km gold/copper exploration portfolio with the aim of replicating success at Gedabek and developing additional mining operations


AIMC’s President Reza Vaziri in regard to the development said, “This has been a transformational period for our Company, as we emerge as a profitable, cash generative gold production company in Central Asia. To this end, we have seen our gold production capabilities at Gedabek continuing to improve month on month, and coupled with the favourable gold price, this has led to increasing revenues and a substantial improvement in our balance sheet. With SART copper/silver production expected to be fully operational imminently, we look forward to copper and silver sales also benefiting our bottom line in FY 2011.

“Looking ahead to 2011, as well as continuing to focus on the success of Gedabek as a low cost, profitable gold mine, we will be actively looking to increase the Company’s production profile through the continued exploration of the Ordubad and Gosha Contract Areas. With our improving resource position at Gedabek, together with our exploration opportunities, I believe we have a clear business plan and will see solid growth enhancing shareholder value for the coming year.