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Anglo Asian Mining hails 'remarkable achievement' as it clears debts

The Azerbaijan-based gold miner took out a refinancing loan with Pasha Bank in 2018

Anglo Asian Mining PLC -

Anglo Asian Mining PLC (LON:AAZ) has cleared all its bank loans and is now free of debt.

The Azerbaijan-based gold miner took out a refinancing loan with Pasha Bank in 2018 and paid off the final instalment on 10 February.

Reza Vaziri, chief executive, said:  "The facility was taken out to improve the Company's financial performance and provide operational flexibility.

“Given that the net debt of the company peaked at over US$50mln in 2015, this milestone is a remarkable achievement.

 "Since 2015, as well as paying off its debt, the company has continued to invest in its business, embarked on a three-year exploration programme at its contract areas, commenced payment of regular dividends and built up a significant holding of cash.”

Quick facts: Anglo Asian Mining PLC

Price: 140 GBX

AIM:AAZ
Market: AIM
Market Cap: £160.15 m
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