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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: 132.75 GBX

AIM:AAZ
Market: AIM
Market Cap: £151.86 m
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