Anglo Asian Mining PLC Anglo Asian reaches debt free milestone (6819C)
12 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMAAZ
RNS Number : 6819C
Anglo Asian Mining PLC
12 February 2020
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
12 February 2020
Anglo Asian Mining plc
Anglo Asian reaches debt free milestone
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused on Azerbaijan, is
pleased to announce that the Company has made the final repayment
of its bank loan finance and is now debt free.
Anglo Asian completed a refinancing loan with Pasha Bank for $15
million ($13.5 million drawn down) at a seven per cent. interest
rate per annum in February 2018. On 10 February 2020, the Company
paid the final instalment of this refinancing loan and its balance
sheet is now debt free.
All references to "$" are to the United States dollar.
Anglo Asian CEO Reza Vaziri commented:
"I am delighted to announce that the Company has made the final
repayment of the Pasha Bank refinancing loan, marking the
significant milestone of Anglo Asian now being debt free.
"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 $50 million 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. This
amply demonstrates the robust cash generation of the Company.
"The financial flexibility of being debt free allows Anglo Asian
to focus on the growth of the business which I look forward to
updating the market on as and when appropriate."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit www.angloasianmining.com or
contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
------------------------------ ----------------------
Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
------------------------------ ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
------------------------------ ----------------------
Camilla Horsfall Blytheweigh Financial Tel: +44 (0) 20 7138
3224
------------------------------ ----------------------
Megan Ray Blytheweigh Financial Tel: +44 (0) 20 7138
3224
------------------------------ ----------------------
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer in Central Asia with a broad portfolio of production and
exploration assets in Azerbaijan. The Company has a 1,962 square
kilometre portfolio, assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract
area ("Gedabek") which is a 300 square kilometre area in the Lesser
Caucasus mountains in western Azerbaijan. The Company developed
Azerbaijan's first operating gold/copper/silver mine at Gedabek
which commenced gold production in May 2009. Mining at Gedabek was
initially from its main open pit which is an open cast mine with a
series of interconnected pits. The Company also operates the high
grade Gadir underground mine which is co-located at the Gedabek
site, In September 2017, production commenced at the Ugur open pit
mine, a recently discovered gold ore deposit at Gedabek. The
Company has a second underground mine, Gosha, which is 50
kilometres from Gedabek. Ore mined at Gosha is processed at Anglo
Asian's Gedabek plant.
The Company produced 82,795 gold equivalent ounces ("GEOs") for
the year ended 31 December 2019 at budget metal prices. Gedabek is
a polymetallic ore deposit that has gold together with significant
concentrations of copper in the main open pit mine, and an oxide
gold-rich zone at Ugur. The Company therefore employs a series of
flexible processing routes to optimise metal recoveries and
efficiencies. The Company produces gold doré through agitation and
heap leaching operations, copper concentrate from its
Sulphidisation, Acidification, Recycling, and Thickening (SART)
plant and also a copper and precious metal concentrate from its
flotation plant.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for other properties in order to fulfil its expansion
ambitions and become a mid-tier gold and copper metal production
company.
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END
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