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Anglo Asian Mining revenues at record as momentum builds in Azerbaijan


Exploration could turn Anglo Asian's ground into a mining camp


Quick facts: Anglo Asian Mining PLC

Price: 94 GBX

Market: AIM
Market Cap: £107.53 m
  • Successful track record of production

  • Spread of commodity risk through copper, gold and silver

  • Directors hold significant stakes

  • Exploration could turn Anglo Asian's ground into a mining camp

How it's doing?

 Anglo Asian Mining PLC (LON:AAZ) generated record revenues in 2019 driven by increased copper production and strong commodity prices.

A cash inflow of US$31.3mln also meant the gold miner cleared all of its outstanding loans and became debt-free in February.

Production amounted to 82,795oz gold equivalent ounces during the year as the amount of copper produced rose by a third although there was a reduction in gold output.

Gold sales over the year also dipped but the average price received rose 11% to US$1,410 per oz.

On the exploration front, about US$1.8mln has been earmarked this year for the Ordubad contract area, a 462 square kilometre exploration project that may contain multiple mineralised porphyry systems.

Porphyries tend to be rich, and tend to occur in clusters, so there’s a very real possibility that this year’s exploration programme could be transformative for Anglo Asian.

Separately, exploration around the wider Gedabek region is also underway, with a recent airborne survey having identified 25 potential new porphyry targets.

In November, the company advised it had discovered a new gold-copper mineral occurrence, 'Avshancli' and a new gold mineral occurrence "Gilar" in its northeast region of its Gedabek Contract Area.

What the boss says: Reza Vaziri, chief executive

"Becoming debt-free will represent a significant milestone.

"Anglo's financial performance continues to be exceptional.

“We have increased net cash in 2019 by US$15.1mln, notwithstanding paying dividends of US$8.7mln and corporation taxes of US$7.5mln in the year.


Inflexion points

  • Details about the possible transaction with Azerbaijan government
  • Gets full benefit of strong gold price
  • Exploration boosts resources across its three mines

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Morning Report: Anglo Asian Mining clears bank loans and is now debt free

Headlines from the Proactive UK newsroom. Anglo Asian Mining (LON:AAZ) has cleared all its bank loans and is now debt free. The Azerbaijan-based gold miner took out a refinancing loan in February 2018 and now paid off the final instalment. Directa Plus (LON:DCTA) has secured a safety...

on 12/2/20

2 min read