Anglo Asian Mining PLC - gold, copper and silver producer in Azerbaijan - Declares 1.5 US cent per share special dividend to be paid in cash in March. Says it can make the special payout to shareholders while retaining enough cash to develop its current assets and potential future opportunies, particularly in "the formerly occupied territories" and Nagorno Karabakh.
Last week, Anglo Asian noted the agreement among Armenia, Azerbaijan and Russia that ended the military conflict over the enclave of Nagorno Karabakh. As a result, three contract areas have been restored to the company: Soutely in the Kalbajar district, Kyzlbulag in Nagorno Karabakh, and Vejnaly in the Zangilan district.
"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," explains Chief Executive Officer Reza Vaziri. "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."
Current stock price: 173.00 pence, down 2.3% on Tuesday
Year-to-date change: up 32%
By Tom Waite; thomaslwaite@alliancenews.com
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Anglo Asian (AAZ)