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