Anglo Asian Mining PLC (LON:AAZ) has cleared all its bank loans and is now free of debt.
The Azerbaijan-based gold miner took out a refinancing loan with Pasha Bank in 2018 and paid off the final instalment on 10 February.
Reza Vaziri, chief executive, said: "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 US$50mln 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.”