Azerbaijan’s gold producing company increases profit by 20%

Total revenues of Anglo Asian Mining PLC, the AIM-listed gold, copper, and silver producer focused in Azerbaijan, in 2020 amounted to $102.1 million representing an 11 percent. year-on-year increase (2019: $92.1 million), Report informs, citing the company.

The profit before taxation for 2020 stood at $35.7 million (2019: $30.1 million) representing an increase of 19 percent year-on-year.

Strong operating cash flow before movements in working capital made up $52.8 million (2019: $50.5 million) driven by increased metal prices and the low cost of production, up 4.6% from a year earlier.

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 kilometer portfolio at its active Gedabek, Gosha, and Ordubad contract areas assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement ("PSA") modeled on the Azeri oil industry. The Company also has three recently restored contract areas in the formerly Occupied Territories and Karabakh under its PSA and which the Company has started to preliminary evaluate.

The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometer 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. The Company has a second underground mine, Gosha, which is 50 kilometers from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.