Azerbaijan-based gold and copper miner Anglo Asian Mining Plc (LON:AAZ) has moved into a net cash position after a period of strongly rising production from its three mines.
At the end of 2015, Anglo Asian had a debt of US$49mln, but confirmed yesterday it had paid all of this down and now has a positive bank balance. Earlier this year the miner said it would a pay a dividend soon due to the improvement in its financial position.
Anglo Asian has forecast production growth forecast in 2018 to between 78-84,000oz gold equivalent (2017: 71,000oz GE).
Broker SP Angel says with all-in-costs of $681/oz in the bottom quartile among producers this should translate into US$36mlm of underlying profits and US$23mln of free cash generation.
Investors interested in hearing the Anglo Asian story first hand can hear an update tonight at Proactive Investors’ One2One forum in Mayfair, London.
Bill Morgan, chief financial officer, is will talk about recent progress and plans for exploration in the surrounding area at the Chesterfield Hotel from 6pm.
Please find registration details here: https://tinyurl.com/cnvylqv