Anglo Asian Mining PLC on Tuesday reported a fall in profit and drop in gold production in 2021, more than offsetting a rise in silver and copper output.

Anglo Asian Mining is a gold, copper and silver producer focused in Azerbaijan.

For the year, Anglo Asian’s pretax profit dropped 65% to $12.6 million from $35.7 million, on revenue of $92.5 million, dropped by 9.4% from $102.1 million in 2020.

Anglo Asian declared a dividend of $0.035 per share.

Anglo Asian Chair Khosrow Zamani said: ‘I am delighted to present Anglo Asian’s full Year results for 2021, which proved to be a year of transformational change for the company. This was brought about by substantial additions to our portfolio which represent significant progress towards executing our growth strategy.’

A total of 48,680 ounces of gold were produced, a 14% drop compared with 56,864 ounces in 2020. Copper production increased by 2% to 2,649 tonnes from 2,591 in the previous year. Silver production for 2021 accounted for 154,515 ounces, compared with 112,962 ounces in 2020.

The company expects metal production of 54,000 to 58,000 gold equivalent ounces in 2022, transforming from a junior gold miner into a mid-tier producer of copper with gold as a by-product.

Anglo Asian Mining shares were down 3.5% at 82.99 pence each on Tuesday afternoon in London.

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