UK’s gold mining company suffers losses in Azerbaijan

11:08 - 17.05.2024

May 17, Fineko/ The earnings of British company Anglo Asian Mining PLC, which produces precious and non-ferrous metals in Azerbaijan, fell sharply after the environmental scandal last year and suffered losses as a result.

ABC.AZ reports that in 2023, AAM’s income amounted to $45.9 million, which is equivalent to 78.03 million manats at the official exchange rate for that period (USD/AZN: 1.7000).

In 2022, the revenue of the mining company totaled $84.7 million (a drop of $45.9 million or 46% in 2023).

Last year, dissatisfaction arose in Kedabek about the gold mine of this company for environmental reasons, as a result of which work at the mine was suspended. The report also notes that there were production disruptions between August and December 2023.

AAM suffered an operating loss of $24.8 million in 2023, while in 2022 it made a profit of $9.3 million. The company's loss, that is, before tax, reached $32 million (2022: profit of $7.5 million).

In 2023, the mining company sold 15,822 ounces of gold. In 2022, this figure was 34,918 ounces. Gold bullion sales were traded at average price of $1,951 per ounce compared with $1,783 in the previous year.