Gold producer in Azerbaijan sees decline in 2022 revenues 

The revenues of Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM-listed gold, copper, and silver producer focused in Azerbaijan, stood at $84.7 million in 2022, down $7.8 million, or 8.43%, from the previous year, Report informs, citing the company.

The profit before taxation was $7.5 million, $5.1 million, or 40.47%, less than in 2021.

The company reported cash of $20.4 million on December 31, 2022, which is $17.1 million, or 45.6%, lower than the previous year.

According to the final audited results, $10.2 million and $7.2 million were spent on capital expenditures and geological exploration, respectively.

The lower production is due to lower gold grades in the ore mined at Gedabek.

Total production made up 57,618 gold equivalent ounces ("GEOs"), showing a 10.82% decline in comparison to a year earlier.

Gold production dropped 11.43% to 43,114 ounces, copper production fell by 5.02% to 2,516 tons, and silver production rose by 17.82% to 182,046 ounces.