LONDON – Anglo Asian Mining, which focuses on copper, gold and silver mining in Azerbaijan, said on Thursday it was considering paying its first dividend now that it had reported a profit, cut debt and built up cash.
A dividend would set Anglo Asian apart from many London-listed junior miners, which typically are busy exploring and need to raise money rather than to hand it out.
"The company is currently preparing a plan for the payment of dividends," Anglo Asian said in a statement, adding an announcement was expected by the end of the third quarter.
In the past two years, Anglo Asian has moved into profit, reduced its debt to $18.1-million by the end of 2017 from $34.6-million at the end of 2016 and built up its cash reserves to $2.5-million.
For 2018, it forecasts production of between 78 000 to 84 000 gold equivalent ounces (GEOs), an increase for the mid-point of this guidance of more than 13% year-on-year.
Anglo Asian has also said it is actively seeking additional projects to fulfil its ambition to become a mid-tier gold and copper metal production company.
So far this year, its share price has rallied by more than 50%, and it gained another percent by 09:45 GMT on Thursday.