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Anglo Asian Mining revenues hit new high on buoyant metal prices

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Anglo Asian Mining PLC (LON:AAZ) posted record revenues in 2020 in spite of disruption to its operations in Azerbaijan from Covid-19 and an outbreak of fighting with Armenia.

Revenues rose by 11% to US$102.1mln while profits before tax increased by 19% to US$35.7mln as the junior benefited from higher metal prices.

Cash flow was also strong said the gold and copper miner, which resulted in it ending the year with net cash of US$38.8mln.

The dividend for the year is maintained at 8c per share excluding a special payment of 1.5c.

Production totalled 67,250 oz of gold equivalent, with higher copper production offsetting lower gold and silver output.

For the current year, 2021, production is expected to drop due to the working out of the high-grade Ugur pit with the current target between 64-72,000oz.

Anglo Asian all product will come its existing mines with a focus on exploration on other areas with production from a small open pit at Avshancli-1 likely to start early in 2022 and Zafer, potentially a new underground at the current Gedebek operation a longer-term project.

“We believe the restored contract areas and any additional concessions in Azerbaijan offer the potential for growth.”

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