Azerbaijan's Anglo Asian Mining reveals 1H2020 income
BAKU, Azerbaijan, Sept.25
By Fidan Babayeva - Trend:
Anglo Asian Mining PLC, the gold, copper and silver producer focused in Azerbaijan, earned $45.9 million in the first half of 2020, which is 6 percent more compared to the same period of 2020, Trend reports referring to the company.
From January through June 2020, the company’s income without taxation made up $11.8 million, which is 14.6 percent more compared to the same period of 2019.
At the same time, a free cash flow of the company amounted to $13.4 million, growing by 34 percent year on year.
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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