Azerbaijan-based 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 will also mean the gold miner clearing all of its outstanding loans and becoming debt-free next month.
Reza Vaziri, chief executive, said this will represent a significant milestone, adding 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.
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.
“Strong cash generation will allow the company to continue to enhance our announced dividend policy,” said Vaziri.
Shares rose 2% to 147p.