Anglo Asian Mining to pay special dividend in Azerbaijan

Anglo Asian Mining has a portfolio of gold, copper and silver production and exploration assets in Azerbaijan. Its key operations span three contract areas in Azerbaijan covering 1,062 square kilometres: Gedabek, Gosha and Ordubad. Three additional contract areas covering 900 square kilometres are held in occupied territories which will be developed when the political situation allows.

In July 2020 it entered Ireland via a joint venture with Conroy Gold and Natural Resources. In January, the firm said it will pay a special dividend of US$0.015 per share in March. It also made a new copper-gold discovery at Zafer, within the central region of its Gedabek Contract Area in western Azerbaijan. Work included a significant drill hole intersection of copper-gold mineralisation at 113 metres grading 0.5% copper and 0.7 grammes per tonne gold. In 2020 it reported record revenues as higher gold prices offset disruption from coronavirus and the new outbreak of fighting between Azerbaijan and Armenia. The AIM-listed group’s Gedabek mine in Azerbaijan produced 69,000 ounces of gold equivalent ounces during 2020 compared to 82,800 a year earlier, but this decline was offset by a 26% rise in the average gold price achieved from sales to US$1,777 per ounce. Revenues for the year topped US$100mln as a result, Anglo Asian said, while cash generation was also strong with the group paying off all of its debt and ending the year with net cash of US$21.2mln.

Source: proactiveinvestors.co.uk