In February 2018 it refinanced a loan with Pasha Bank for $15m at 7.0% annual interest rate. On 10thÂ February it made the final repayment of this loan. Debt peaked at $50m back in 2015.
Anglo Asian CEO Reza Vaziri commented:
“I am delighted to announce that the Company has made the final repayment of the Pasha Bank refinancing loan, marking the significant milestone of Anglo Asian now being debt-free.
“The facility was taken out to improve the Company’s financial performance and provide operational flexibility. Given that the net debt of the Company peaked at over $50 million in 2015, this milestone is a remarkable achievement.
“Since 2015, as well as paying off its debt, the Company has continued to invest in its business, embarked on a three-year exploration programme at its contract areas, commenced payment of regular dividends and built up a significant holding of cash. This amply demonstrates the robust cash generation of the Company.
“The financial flexibility of being debt-free allows Anglo Asian to focus on the growth of the business which I look forward to updating the market on as and when appropriate.”