Anglo-Asian Mining Plc earns $ 46 million in Azerbaijan

Anglo-Asian Mining PLC is increasing its interim profit and mulling a special dividend. High gold prices helped drive up first-half revenue and earnings at its gold mining operations in Azerbaijan, Report informs.

Financial Results for the six months ended June 30, 2020, revealed total revenue of $ 45.9 mln, up 6% year-on-year from the $ 43.4 mln recorded for H1 2019.

Pre-tax profit was $ 11.8 mln (14.6% more than in the first six months of last year), and free cash flow amounted to $13.4 mln (34% increase compared to 2019).

Anglo-Asian Mining is engaged in Azerbaijan production under the PSA (Production Sharing Agreement) signed on August 21, 1997. Azerbaijan's share in the agreement is 51%, and Anglo-Asian Mining Plc is 49%. The first gold production (in the Gadabay field) began in 2009. Gedabek is an open-pit mine with integrated mines. The company is also engaged in production at the Gosha underground mine, 50 km from the Gadir and Gadabay fields, and the newly discovered Ugur field.