Aim-listed Anglo Asian Mining is able to pay off its final instalment of its refinancing loan, effectively becoming debt free, after a strong net cash generation of $21.1-million last year.
The company managed to increase its net cash from $6.1-million at the start of last year to $21.1-million by December, while paying dividends of $8.7-million and corporate taxes of $7.5-million.
CEO Reza Vaziri said on Tuesday Anglo Asian Mining was in a strong operational position and robust financial health as it moved into 2020.
Anglo Asian produced 82 795 gold equivalent ounces (GEOs) in 2019, compared with 83 736 GEOs produced in 2018, from its gold/copper/silver project, in Azerbaijan.
Copper production had been recorded at 2 210 t last year, compared with 1 645 t copper produced in 2018, while silver production totalled 159 356 oz in the reporting year, compared with 210 184 oz produced in 2018.
Anglo Asian Mining produced 70 098 oz of gold in 2010, compared with 72 798 oz of gold produced in 2018.