Total revenues of Anglo Asian Mining PLC (AAM), a gold, copper and silver producer in Azerbaijan, in the first half of 2019 amounted to $43.3 million, up by 8% YoY.
Net cash in the first half of the year amounted to $15.2 million. It is formed at the expense of cash in the amount of $20.4 million and debt of $5.2 million. Net cash as of December 31, 2018 amounted to $6.1 million.
Profit before tax in the first half of 2019 amounted to $10.3 million. In the same period of 2018 this indicator amounted to $8.1 million.
Net cash flow from operating activities in the first half of the year amounted to $14.5 million, down by $10 million, taking into account the payment of income tax in the amount of $5.2 million and an increase in reserves by $4.7 million. The increase in reserves includes an increase in gold due to the expansion of heap leaching of unsorted products.
Anglo Asian Mining PLC has the right to develop six deposits in southwestern Azerbaijan including Gadabay, Ordubad, Goshabulag, Gizilbulag, Vejnali and Soyudlu on the basis of a PSA-type agreement signed with the Azerbaijani government in August 1997.
In May 2014 Anglo Asian Mining and the Swiss group Industrial Minerals SA signed a three-year agreement to sell copper concentrate mined at the Gadabay field in Azerbaijan.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and stored in the government’s account. (Trend/Ukrainian metal)