Anglo Asian Mining increases payments to shareholders
BAKU, Azerbaijan, Sept. 23
By Fidan Babayeva – Trend:
Anglo Asian Mining PLC ("Anglo Asian", the "Company" or the "Group"), the AIM listed gold, copper and silver producer in Azerbaijan has increased payments to shareholders amid rising income and profit from gold mining, Trend reports referring to the company.
Anglo Asian Mining has announced its interim dividend in respect of the year ending December 31, 2020 of 4.5 cents per ordinary share payable on November 5, 2020 to shareholders on record on October 9, 2020.
The 2020 interim dividend is a 29-percent increase on the interim dividend for 2019. The directors will also consider a special dividend in 1Q2021 due to the on-going strong cash generation.
Total revenues in 1H2020 reach $45.8 million representing a six percent year-on-year increase on the previous year.
Profit before taxation in 1H2020 increased to $11.8 million compared to $10.3 million in 1H2019.
Free cash flow inclusive of cash in transit in 1H2020 increased to $13.4 million compared to $10.0 million in 1H2019.
Anglo Asian Mining PLC develops six deposits in southwestern Azerbaijan including Gadabay, Ordubad, Goshabulag, Gizilbulag, Vejnali and Soyudlu on the basis of a PSA-type agreement signed with the Azerbaijani government in August 1997.
Anglo Asian Mining and the Swiss group Industrial Minerals SA signed a three-year agreement to sell copper concentrate mined at the Gadabay field in Azerbaijan in May 2014. The second contract was signed in March 2016.
The gold produced in the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and stored in the government’s account.
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