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Market: AIM
52-week High/Low: 10.88p / 3.25p
Sector: General Mining - Gold
Market Cap: 5.73M
Phone: +994 12 596 3350
Address: 7 Devonshire Square, Cutlers Gardens, London EC2M 4YH.
Anglo Asian Mining

Anglo Asian Mining

Anglo Asian Mining PLC is listed on AIM (AAZ) and has a portfolio of gold, copper and silver exploration and production properties in Azerbaijan.
[15:39:37] Sharedataservices: The Company’s key operations span three contract areas in Azerbaijan covering 1,062 square kilometres. Three additional contract areas covering 900 square kilometres are held in territories occupied by Armenia. Its main Gedabek open pit mine produced 60,285 ounces of gold in 2014. Gadir, an underground mine, is also being developed at Gedabek. The Company also owns Gosha, an underground mine 50 kilometres from Gedabek. It also has Ordubad, which is at the exploration stage.

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Anglo Asian Mining

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Big picture - Why invest in Anglo Asian Mining

Anglo Asian Mining Snapshot

Anglo Asian Mining PLC is listed on AIM (AAZ) and has a portfolio of gold, copper and silver exploration and production properties in Azerbaijan. The Company’s key operations span three contract areas in Azerbaijan covering 1,062 square kilometres. Three additional contract areas covering 900 square kilometres are held in territories occupied by Armenia. The Company started to produce gold in May 2009 at its main Gedabek gold and copper mine located in western Azerbaijan. The mine is an open pit operation. In addition, in late 2014, the Company started to develop an underground mine, Gadir, on the Gedabek property.

The Company has a second mining project, the 300 square kilometre Gosha contract area located 50 kilometres north-west of Gedabek. Gosha is currently being developed as a small, high grade, underground gold mine.

Ore mined at Gedabek and Gosha is processed to produce either gold doré or a copper and precious metals concentrate using several industrial processes:

  • Heap leaching of crushed and Run of Mine (ROM) ore
  • Agitation leaching
  • Sulphidisation, Acidification, Recycling and Thickening ("SART")

The Company is also constructing a small scale flotation plant at Gedabek primarily to produce copper to exploit the copper content of the ore at Gedabek and provide a path for future development of the contract area.

The Company also has a third property, Ordubad, an early stage gold-copper exploration property located in the Nakhchivan region of Azerbaijan.

Gedabek contract area

  • 300 square kilometre licence area
  • Mining and exploration rights until March 2022
  • Gedabek gold, copper and silver open pit mine
  • 60,285 ounces of gold and 784 tonnes of copper produced in 2014
  • New JORC reserve report in 2014 showing 682,000 ounces of gold, 102,000 tonnes of copper and 4.84 million ounces of silver.
  • Gadir underground mine being developed at Gedabek, close to existing open pit
  • All processing of ore carried out at Gedabek
  • Small scale flotation plant under construction to exploit copper content of ore

Gosha contract area

  • 300 square kilometre licence area
  • Being developed as a small, high grade mine
  • Ore mined at Gosha is transported to Gedabek for processing
  • Non-JORC resource of about 40,000 ounces of gold
  • 28,892 tonnes of ore at an average grade of 4.15 grammes per tonne mined in 2014.

Ordubad contract area

  • 462 square kilometre licence area
  • Notice of discovery disclosed
  • Exploration underway

Additionally, the Company has a 900 square kilometre land holding in the occupied territories which will be developed when the political situation allows.


Anglo Asian Mining PLC's operations span three contract areas in Azerbaijan covering 1,062 square kilometres.

  • Gedabek – where the Company operates an open pit mine and is developing an underground mine – Gadir
  • Gosha – which the Company is developing as a small, high grade mine
  • Ordubad – an early stage gold and copper exploration property located in the Nakhchivan region of Azerbaijan

The Company processes all its ore at the Gedabek site using predominantly heap and agitation cyanide leaching. It is also building a small scale flotation plant to exploit the high copper content of the ore.

Tethyan Tectonic Belt

Anglo Asian Mining PLC's assets are located within one of the world's significant gold and copper bearing belts, the Tethyan Tectonic Belt, which extends from Pakistan to the Balkans running through Iran, Azerbaijan, Georgia and Turkey.

The major operating mines within the Tethyan Tectonic Belt contain porphyry copper deposits that are some of the largest sources of copper in the world and also yield significant quantities of gold and molybdenum.

Major copper, gold and molybdenum deposits in the belt include:

  • Sar Chesmeh & Sungun (500 mt at 0.75% Cu, 0.01% Mo) in Iran
  • Kadjaran (400 mt at 0.27% Cu, 0.055% Mo, 0.03 g/t Au) & Agarak (45 mt at 0.46% Cu, 0.027% Mo, 0.025 g/t Au) in Armenia
  • Tekhout & Zod (4.3 mt at 7.3 g/t Au) in Armenia
  • Cayeli (20 mt at 4.2% Cu, 0.8 g/t Au) and Cerateppe (3 mt at 5.1% Cu) in Turkey
  • Madneuli (23.5 mt at 1.03 g/t Au) in Georgia

Board of Directors

Khosrow Zamani – Non-executive Chairman

Mr Zamani was director of the Southern Europe and Central Asia Department of the International Finance Corporation ('IFC'), the private sector lending arm of the World Bank, from March 2000 to July 2005. This department was responsible for the IFC investment programme in 15 countries across the region. Whilst a director at IFC, Mr Zamani was instrumental in building the IFC investment programme in the region with several new initiatives, particularly in Central Asia and Caucasia. He oversaw the IFC portfolio of more than US$2 billion, diversified across the financial, oil and gas, mining and manufacturing sectors.

Reza Vaziri – President and Chief Executive Officer

Mr Vaziri served at the Ministry of the Imperial Court of the Shah of Iran before moving to the US. Mr Vaziri was the initial founder of the US Azerbaijan Chamber of Commerce ('USACC') and has been appointed Chairman for life. In his role with the USACC, he has arranged and participated in a number of economic delegations to Azerbaijan and played a key role in bringing US investment to the country.

Richard Round* – Non-executive Director

Mr Round is a Fellow of the Chartered Association of Certified Accountants. He began his career with British Coal in 1977. In 1987 Mr Round joined Ferrum Holdings plc, becoming group Finance Director in 1993. In 1995 Mr Round joined Consolidated Supply Management Limited as Finance Director, an international oilfield logistics group operating primarily in Latin America and the Former Soviet Union, including Azerbaijan and Kazakhstan. In 2001, Mr Round became Financial Director for the Mining (Scotland) group, the largest opencast coal mining company in the UK, before joining Anglo Asian in September 2005. 

Governor John H. Sununu – Non-executive Director

Governor Sununu received a Ph.D. from Massachusetts Institute of Technology and taught engineering at Tufts University for 16 years. He served three terms as the governor of New Hampshire before President George H.W. Bush appointed him Chief of Staff in 1989, a position that he held until March 1992. After his tenure as Chief of Staff, he co-hosted CNN's Crossfire, ran an engineering firm and then, in 2004, served as the visiting Roy M. and Barbara Goodman Family Professor of Practice in Public Service at the Kennedy School of Government at Harvard University. 

Professor John Monhemius – Non-executive Director

Emeritus Professor John Monhemius held the Roy Wright Chair in Mineral and Environmental Engineering at the Royal School of Mines, Imperial College, London until 2004, when he retired from full-time academic work. From 2000 to 2004, he was Dean of the Royal School of Mines. He has more than 40 years' experience of academic and industrial research and development in hydrometallurgy and environmental control in mining and metallurgical processes, particularly in the management of toxic wastes and effluents, and he has acted as a consultant to many large mining and chemical companies.

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Abduljabar Ahmadov - Vice president – Government affairs, Azerbaijan International Mining Company Limited

Abduljabar Ahmadov, Vice-President Government Affairs, has wide range of experience in the oil industries starting in 1988.  He has served at various positions in the SOCAR, from Chief of Reserves Department to Advisor to the President and Advisor to BP President on ACG Project. In these senior positions, Abduljabar has taken an active role in preparation and signing of 27 PSAs and was one of the responsible executors of various projects such as Chirag platform, construction of Baku-Supsa, Baku-Novorossiysk, BTC, SCP (Baku-Erzerum) pipe lines, ACG project, etc. Abduljabar has a Ph.D. in geology.

Mehrdad Etemad - Senior Vice President, Azerbaijan International Mining Company Limited
Mehrdad Etemad, Senior Vice President of Azerbaijan International Mining Company since 2008, holds an M.Sc. in Industrial Engineering from California State University and a B.Sc. in Mechanical engineering from University of California, Berkeley. Mehrdad has 14 years of experience in consultancy work for the private sector as well as for the World Bank Group which included development and implementation of supply chain systems, implementation of corporate social responsibility (CSR) programs and SME development. Prior to consulting work, Mehrdad had 25 years of experience in setup, start up and operations of medium and large enterprises in the USA, the Balkans, Middle East and China.

Farhang Hedjazi - Vice President Technical Services, Azerbaijan International Mining Company Limited
Farhang Hedjazi oversees all mining and exploration activities. He joined AIMC in July 2008 as project manager, overseeing the design and construction of the Gedabek mine, comprising the heap leaching and SART facilities. He served as technical advisor to the President from 2009 to 2011 when he was appointed as Vice President Technical Services. He has worked for the National Iranian lead and zinc company as chief process engineer from 1986 to 1989. He then founded Kahanroba engineering company. He has designed and constructed several zinc smelters, gold CIL plants, gold heap leach facilities and has managed underground mining facilities. He has an M.Sc. degree in non-ferrous extractive metallurgy, and has worked in this field since 1985.

William Morgan - Chief Financial Officer, Anglo Asian Mining PLC
Bill Morgan is a UK chartered accountant with over 30 years accountancy and financial management experience. He has worked in the UK, the Far East, Kazakhstan and Russia. Previously, he was regional financial officer for the Kinross Russia region based in Magadan, Russia. Between 2006 and 2012 was CFO of Hambledon Mining PLC, an AIM listed gold mining company, and was based in Kazakhstan. He has been instrumental in several successful start-ups and restructuring of companies in the telecoms and mining industries. Bill speaks Russian.

Alper Yilmaz - Operations Manager, Azerbaijan International Mining Company Limited
Alper Yilmaz has 16 years of experience in the mining and cement industries. He has worked in gold, copper, zinc and cement plants. He has experience of project management, commissioning, processing and operational management. Alper graduated from the Middle East Technical University, Ankara, Turkey with a B.Sc. in mining engineering.

Tarkan Yazici - Health, Safety and Environmental ("HSE") manager, Azerbaijan International Mining Company Limited
Tarkan Yazici is a safety expert and professional health, safety, environment and security manager with 18 years of experience in mining and processing in Turkey. He has been an OHSAS 18001 lead auditor. Tarkan graduated from the Middle East Technical University, Ankara, Turkey with a B.Sc. in Mining Engineering.

Anglo Asian Mining plc

20, 520 Yard
Huseyn Javid Avenue
Baku, AZ1073
The Republic of Azerbaijan

Telephone +994 (12) 596 3350
Facsimile +994 (12) 596 3354
Email [email protected]

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