Payment of Special Dividend

RNS Number : 8263M

Anglo Asian Mining PLC

26 January 2021

 

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

26 January 2021

Anglo Asian Mining plc

Payment of Special Dividend - US 1.5 cents per ordinary share

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce payment of a special dividend of US 1.5 cents per ordinary share in respect of the year ended 31 December 2020. This special dividend rewards shareholders for their continued support whilst maintaining sufficient cash reserves to develop its portfolio of assets and pursue any potential future opportunities, particularly in the formerly Occupied Territories and Nagorno Karabakh .

A special dividend, in respect of the year ending 31 December 2020, of US 1.5 cents per ordinary share will be paid gross on 11 March 2021 to shareholders that are on the shareholders record at the record date of 12 February 2021. The shares will go ex-dividend on 11 February 2021. All dividends will be paid in cash and a scrip dividend or other dividend reinvestment plan will not be offered by the Company.

The dividend will be payable in pounds sterling.  The dividend will be converted to pounds sterling using the average of the sterling closing mid-price using the exchange rate published by the Bank of England at 16:00 GMT each day from the 15 to 19 February 2021.

Reza Vaziri, President and CEO of Anglo Asian Mining, said, " I am delighted to announce the declaration of a special dividend in respect of 2020 of United States 1.5 cents per ordinary share. The Company executed on its plans in the last quarter of 2020 and, helped by good metal prices, delivered the expected strong cash generation.

"The restoration of the three contract areas in the formerly Occupied Territories and Nagorno Karabakh, subsequent to our interim results announcement for 2020, has opened-up significant opportunities for the Company and the special dividend is therefore smaller than originally anticipated. These projects are likely to require considerable investment and the Company has developed a strong balance sheet over the past several years to take advantage of these kind of opportunities. Anglo Asian Mining is therefore in a position to both provide this return to shareholders while still having a substantial capital base to continue our strategic plans."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

For further information please visit www.angloasianmining.com or contact:

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Bill Morgan	Anglo Asian Mining plc	Tel: [phone]
Stephen Westhead	Anglo Asian Mining plc	Tel: [phone]
Ewan Leggat	SP Angel Corporate Finance LLP Nominated Adviser and Broker	Tel: [phone]
Adam Cowl	SP Angel Corporate Finance LLP	Tel + 44 (0) 20 3470 0470
Megan Ray	Blytheweigh Financial PR	Tel: [phone]

Notes:

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 kilometre 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") modelled on the Azeri oil industry. The Company also has three recently restored contract areas in the formerly Occupied Territories and Nagorno Karabakh under its PSA which will be evaluated as soon as access permission is received from the Government of Azerbaijan.

The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre 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 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.

The Company produced 67,249 gold equivalent ounces ("GEOs") for the year ended 31 December 2020. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies.  The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant.

Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for properties in other jurisdictions in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company. It has announced that it is negotiating a joint venture with Conroy Gold and Natural resources PLC to explore and develop various gold properties in The Republic of Ireland and Northern Irelan

 

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