viewAnglo Asian Mining PLC

Anglo Asian Mining clears debts as revenues hit record total

“Strong cash generation will allow the company to continue to enhance our announced dividend policy,”

Anglo Asian Mining PLC -
Copper production jumped by a third

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.

Quick facts: Anglo Asian Mining PLC

Price: 93 GBX

Market: AIM
Market Cap: £106.38 m

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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