http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Thu, 26 Apr 2018 21:51:36 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Anglo Asian’s gold equivalent production increases by 26% to 18,307 ounces in the first quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/195018/anglo-asians-gold-equivalent-production-increases-by-26-to-18307-ounces-in-the-first-quarter-195018.html Anglo Asian Mining Plc (LON:AAZ) posted a 26% increase in the year-on-year production of gold equivalent ounces from its Gedabek project in Azerbaijan.

In the three months to March 31, Anglo Asian produced 18,307 gold equivalent ounces, up from the 14,577 equivalent ounces produced in the corresponding period of 2017.

READ: Anglo Asian Mining briefs investors on 2017 field campaign

Net debt was reduced by 43% during the first quarter to US$10.4mln, down from US$18.3mln at the end of the previous quarter.

Gross cash stood at US$8.6 million at the end of the March quarter.  

"This has again been another excellent quarter for the company given that production in the first quarter of the year is always our lowest due to the winter weather conditions,” said chief executive Reza Vaziri. 

“This strong increase in performance can be attributed to the optimisation and expansion initiatives which we implemented during the course of 2017, and, perhaps most importantly, the commencement of production from our new Ugur open pit. The increased production that Anglo Asian is now achieving, coupled with improved metal prices, is flowing through strongly to our cash generation. The discovery of new potential mines, such as Ugur, together with the conversion of already known but under-explored prospects across our contract lease areas, is crucial to the continued growth and enhancement of our total production profile."

In early trading, Anglo Asian mining shares were nearly 8.8% higher at 43.5p.

 -- Adds share price --

 

 

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Mon, 16 Apr 2018 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/195018/anglo-asians-gold-equivalent-production-increases-by-26-to-18307-ounces-in-the-first-quarter-195018.html
<![CDATA[RNS press release - Q1 2018 Production and Operations Review ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180416072502_13604794/ Mon, 16 Apr 2018 07:25:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180416072502_13604794/ <![CDATA[RNS press release - Repayment of Director Loan ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180403120002_13589547/ Tue, 03 Apr 2018 12:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180403120002_13589547/ <![CDATA[News - Anglo Asian Mining briefs investors on 2017 field campaign ]]> http://www.proactiveinvestors.co.uk/companies/news/193783/anglo-asian-mining-briefs-investors-on-2017-field-campaign-193783.html Anglo Asian Mining Plc (LON:AAZ) has released a report outlining the objectives and achievements of its 2017 exploration programme.

A copy of the report can be found here: http://www.angloasianmining.com/operations/

READ: Anglo Asian Mining embarks on major, three-year rolling exploration programme in Azerbaijan

The company states that it drilled 106 surface core drill holes at Gedabek, amounting to 13,681 metres, with a further 115 reverse circulation drill holes completed for a total of 7,870 metres.

The company also completed 63 underground core drill-holes totalling 5,042 metres.

The exploration results obtained provided a solid foundation for the recently announced 2018 geological programme, including revealing the presence of further mineable copper and gold ores at Gedabek

In addition, the presence of mineralisation beneath the Gedabek open pit was established, and a new prospect at Soyudlu was discovered.

 

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Mon, 26 Mar 2018 10:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/193783/anglo-asian-mining-briefs-investors-on-2017-field-campaign-193783.html
<![CDATA[RNS press release - 2017 Exploration Activities & Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180326090002_13580779/ Mon, 26 Mar 2018 09:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180326090002_13580779/ <![CDATA[Media files - Anglo Asian Mining outlines three year exploration programme ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8894/anglo-asian-mining-outlines-three-year-exploration-programme-8894.html Fri, 16 Mar 2018 12:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8894/anglo-asian-mining-outlines-three-year-exploration-programme-8894.html <![CDATA[News - Anglo Asian Mining embarks on major, three-year rolling exploration programme in Azerbaijan ]]> http://www.proactiveinvestors.co.uk/companies/news/193052/anglo-asian-mining-embarks-on-major-three-year-rolling-exploration-programme-in-azerbaijan-193052.html Anglo Asian Mining Plc (LON:AAZ) is launching a three-year rolling programme of geological exploration of near mine, brownfield and greenfield areas on its ground in Azerbaijan.

The objectives of the programme are to replace mined ounces, extend the current mine life at the Gedabek project to a 10-year minimum, increase the company's inventory of resources, and to discover new mineral deposits.

READ: Anglo Asian refinances debt with new US$15mln facility

The target discoveries would ideally be similar to Anglo Asian’s Ugur open pit mine and have the potential to be quickly developed into operating mines.

The programme will build on the results of the 2017 geological work and comprehensively cover the Company's three operating contract areas, Gedabek, Gosha contract area ("Gosha") which is located 50 kilometres from Gedabek, and Ordubad, which is located in Nakhichevan, South West Azerbaijan.

A total of around 43,500 metres of surface and underground drilling is planned, to be undertaken by one reverse circulation and two core drill rigs.

Airborne geophysics is also planned for the entire Gedabek contract area.

The overall cost for all this work in 2018 is expected to be approximately US$6mln, to be funded from internal cash flow.

"I am very pleased to announce this programme of geological exploration of our three operating contract areas,” said Anglo Asian chief executive Reza Vaziri.

“This will build upon the success of the previous few years during which time we discovered the Ugur and Gadir deposits.”

 

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Tue, 13 Mar 2018 08:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/193052/anglo-asian-mining-embarks-on-major-three-year-rolling-exploration-programme-in-azerbaijan-193052.html
<![CDATA[RNS press release - Launch of 2018 Exploration Programme ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180313070002_13564092/ Tue, 13 Mar 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180313070002_13564092/ <![CDATA[Media files - Anglo Asian Mining to accelerate 2018 expansion plans after debt refinancing ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8757/anglo-asian-mining-to-accelerate-2018-expansion-plans-after-debt-refinancing-8757.html Fri, 16 Feb 2018 13:02:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8757/anglo-asian-mining-to-accelerate-2018-expansion-plans-after-debt-refinancing-8757.html <![CDATA[News - Anglo Asian refinances debt with new US$15mln facility ]]> http://www.proactiveinvestors.co.uk/companies/news/191489/anglo-asian-refinances-debt-with-new-us15mln-facility-191489.html Anglo Asian Mining Plc (LON:AAZ) has refinanced the majority of its existing debts with a new US$15mln facility at 7% that will run over a two-year term.

Anglo Asian’s debts are well supported by cash flow, although the loan itself is unsecured.

WATCH: Anglo Asian Mining to accelerate 2018 expansion plans after debt refinancing

The announcement comes not long after the company projected that it would produce between 78,000 and 84,000 gold equivalent ounces from its mines in Azerbaijan this year.

The refinancing will releasing US$8.4mln of capital to accelerate 2018 expansion and optimisation plans, as the principal require for repayment this year will drop to just US$5.1mln from the previous US$13.5mln.

WATCH: Anglo Asian Mining 'beginning to get the wind in its sails'

What’s more, the aggregate interest rate also drops and the company will save US$100,000 on interest payments.

A total of $13.5mln of the Facility will be utilised to repay existing loans to Amsterdam Trade Bank, Gazprombank, Anglo Asian chief executive Reza Vaziri and Yapi Credit Bank.

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Mon, 12 Feb 2018 07:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191489/anglo-asian-refinances-debt-with-new-us15mln-facility-191489.html
<![CDATA[RNS press release - $15 million Syndicated 2-year 7% Loan Facility ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180212070047_13528887/ Mon, 12 Feb 2018 07:00:47 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180212070047_13528887/ <![CDATA[RNS press release - Updated Corporate Presentation ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180206123008_13523395/ Tue, 06 Feb 2018 12:30:08 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180206123008_13523395/ <![CDATA[News - Anglo Asian sets guidance of between 78,000 and 84,000 ounces of gold equivalent ]]> http://www.proactiveinvestors.co.uk/companies/news/191202/anglo-asian-sets-guidance-of-between-78000-and-84000-ounces-of-gold-equivalent-191202.html Anglo Asian Mining Plc (LON:AAZ) has set production guidance for the full year ending December 2018 at between 78,000 and 84,000 gold equivalent ounces.

The production will come from the company’s mines in Azerbaijan, which are currently in an expansion phase. The guidance represents an increase over the mid-point of more than 13% on the 2017 number.

WATCH: Anglo Asian Mining 'beginning to get the wind in its sails'

The company expects to produce between 64,000 and 70,000 ounces of gold, and between 2,100 to 2,300 tonnes of copper.

The increase in total anticipated production during 2018 will results from optimisation initiatives undertaken at the Gedabek mine last year, with continuation of production from the new Ugur open pit and Gadir underground mines and recommencement of mining in the Gedabek main open pit.

Furthermore, the start-up of a second crusher line for the flotation plant in the second quarter of 2018 will enable copper production to increase.

READ: Anglo Asian hits top end of gold equivalent production guidance for 2017

"2018 is shaping up to be a year of delivery for Anglo Asian with production of between 78,000 to 84,000 gold equivalent ounces planned by our operational team,” said Anglo Asian chief executive Reza Vaziri.

“As in previous years, the second half of 2018 is expected to be better than the first due to seasonal factors and the added momentum of the flotation plant processing on a stand-alone basis from Q2 2018. Key to the future growth of the Company will be expansion opportunities and with this objective we are commencing a substantial geological exploration programme at Gedabek. I look forward to reporting details of this programme in the coming weeks."

 

 

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Tue, 06 Feb 2018 08:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191202/anglo-asian-sets-guidance-of-between-78000-and-84000-ounces-of-gold-equivalent-191202.html
<![CDATA[RNS press release - FY2018 Production Guidance of 78,000 - 84,000 GEOs ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180206070002_13522373/ Tue, 06 Feb 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180206070002_13522373/ <![CDATA[Media files - Anglo Asian Mining 'beginning to get the wind in its sails' ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8628/anglo-asian-mining-beginning-to-get-the-wind-in-its-sails--8628.html Wed, 17 Jan 2018 13:46:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8628/anglo-asian-mining-beginning-to-get-the-wind-in-its-sails--8628.html <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180116164038_13498508/ Tue, 16 Jan 2018 16:40:38 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180116164038_13498508/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180116163522_13498494/ Tue, 16 Jan 2018 16:35:22 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180116163522_13498494/ <![CDATA[News - Anglo Asian hits top end of gold equivalent production guidance for 2017 ]]> http://www.proactiveinvestors.co.uk/companies/news/190068/anglo-asian-hits-top-end-of-gold-equivalent-production-guidance-for-2017-190068.html Anglo Asian Mining Plc (LON:AAZ) produced 71,461 gold equivalent ounces during 2017, a production rate which hit the uppermost level of guidance.

All told, this was still slightly lower than the 72,304 ounces produced in 2016 but, allowing for the planned suspension of mining from the main open pit for part of the year, still looks highly satisfactory.

READ: Anglo Asian Mining continues expansion of operations in Azerbaijan

"Anglo Asian is continuing to lay the foundations for long term sustainable production growth and to deliver value to its shareholders,” said chief executive Reza Vaziri.

“Mining is expected to recommence at our main open pit at Gedabek in the near-term together with the installation of a second, dedicated crusher line for the flotation plant. These should significantly enhance our production profile throughout 2018. I look forward to providing further updates on forecast 2018 production and expansion and exploration objectives in the coming weeks."

 

 

 

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Tue, 16 Jan 2018 07:48:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190068/anglo-asian-hits-top-end-of-gold-equivalent-production-guidance-for-2017-190068.html
<![CDATA[RNS press release - Q4 & FY 2017 Production and Operations Review ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180116070002_13497246/ Tue, 16 Jan 2018 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180116070002_13497246/ <![CDATA[News - Anglo Asian Mining continues expansion of operations in Azerbaijan ]]> http://www.proactiveinvestors.co.uk/companies/news/190028/anglo-asian-mining-continues-expansion-of-operations-in-azerbaijan-190028.html In 2018, shares in Anglo Asian Mining Plc (LON:AAZ) almost doubled, and with a recent push up to 40p, that momentum looks set to carry on well into 2018.

There are several reasons for this price strength, but the central one is that Anglo Asian has been expanding operations at its three mines in Azerbaijan.

Three gold and gold-copper mines supported by exploration

Its main mine is the Gedabek gold-copper open pit. Nearby are the high grade underground Gadir gold-copper mine and the Gosha underground gold mine.

But it’s not just the mines themselves. The Gedabek contract area also has significant exploration potential along a mineralised belt within its 300 square kilometre area.

In particular, exploration is now underway in the region of the newly producing Ugur open pit at Gedabek with the objective of defining extensions to the known mineralisation to provide an increase to the resource inventory.

While that and drilling at the Gedabek open pit is ongoing, actual production at Gedabek has been temporarily suspended. But it’s due to start up again in the first quarter of 2018. And at that point Anglo Asian really should hit its stride.

Chief executive bullish on increased Gedabek potential

"We have been extremely busy on the ground in Azerbaijan in regards to exploration,” says chief executive Reza Vaziri.

“We recently reported increased production for quarter three of 2017 with the commencement of mining at Ugur. Having spent time in 2017 optimising the extraction of gold and gold-copper ores from the Gedabek open pit, we now look forward to recommencing mining to contribute to production in the first quarter of 2018 with the enhanced knowledge of the mineralisation that these exploration activities will provide. We are also increasing the capacity of our tailings dam to support the expansion."

Underground link-up between Gadir and Gedabek underway

Construction of a tunnel between Gadir and the Gedabek underground mineralisation is now underway, and some 600 metres of tunnelling has been completed. This tunnelling work intersected Gedabek-style mineralisation at the end of the tunnel drive.

It is further planned to extend this tunnel along the Gedabek mineralisation beneath the backwall of the open pit and to fan drill to assess the mining potential for a Gedabek underground mine.

Broker SP Angel encouraged by recent rescheduling of director loan

A recent loan extension from Vaziri to the company has been welcomed by SP Angel.

“Rescheduling of the loan is a welcome development,” the broker commented.

“The latest operational update showed an acceleration in gold production rates led by the start of production at Ugur, bringing total output in the first nine months of 2017 to 48,300 ounces of gold equivalent and putting the company on course to reach the guided 64,000-72,000 ounces.

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Mon, 15 Jan 2018 12:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190028/anglo-asian-mining-continues-expansion-of-operations-in-azerbaijan-190028.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110164058_13492122/ Wed, 10 Jan 2018 16:40:58 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110164058_13492122/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110163537_13492113/ Wed, 10 Jan 2018 16:35:37 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110163537_13492113/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110140557_13491892/ Wed, 10 Jan 2018 14:05:57 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110140557_13491892/ <![CDATA[RNS press release - Price Monitoring Extension ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110140033_13491884/ Wed, 10 Jan 2018 14:00:33 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110140033_13491884/ <![CDATA[News - Anglo Asian Mining boss agrees to extend loan facility term by one year, reduce interest rate ]]> http://www.proactiveinvestors.co.uk/companies/news/189816/anglo-asian-mining-boss-agrees-to-extend-loan-facility-term-by-one-year-reduce-interest-rate-189816.html Anglo Asian Mining Plc (LON:AAZ) has announced that its president and chief executive officer, Reza Vaziri has agreed to extend the term of his loan facility to the company by one year, with the interest rate payable also reduced.

The AIM listed gold, copper and silver producer focused on Azerbaijan noted that the amount of the loan facility from Vaziri is US$4.0mln and the term of the loan was until 8 January 2018.

READ: Anglo Asian Mining highlights “extremely busy” period

It added that the amount currently outstanding under the facility is US$3.9mln, with interest on the loan at a rate of 10% per annum. 

The group said the term of the loan has now been extended until 8 January 2019 and the interest rate on the loan has been reduced to 7%, with all other terms of the loan remaining unchanged.

Anglo Asian said its independent director, having consulted with the company's nominated adviser, SP Angel that the terms of the loan are fair and reasonable insofar as its shareholders are concerned.

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Wed, 10 Jan 2018 13:51:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189816/anglo-asian-mining-boss-agrees-to-extend-loan-facility-term-by-one-year-reduce-interest-rate-189816.html
<![CDATA[RNS press release - Update re Director Loan ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110131306_13491835/ Wed, 10 Jan 2018 13:13:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180110131306_13491835/ <![CDATA[News - Anglo Asian Mining highlights “extremely busy” period as it works to expand Azerbaijan mining projects ]]> http://www.proactiveinvestors.co.uk/companies/news/186242/anglo-asian-mining-highlights-extremely-busy-period-as-it-works-to-expand-azerbaijan-mining-projects-186242.html Anglo Asian Mining Plc (LON:AAZ) chief executive Reza Vaziri on Thursday told investors that the junior miner has been “extremely busy” on the ground in Azerbaijan.

As production from the Gedabek mine has been ramping up and output has started at the Ugur open-pit, the company has turned its attention to exploration.

READ: Anglo Asian Mining reports rise in gold price as new mine comes online

Exploration work is taking place at Ugur, with a view to unearthing extensions to the known mineralisation in order to increase mining inventory.

A drill programme is also underway at Gedabek where the company is working to evaluate and optimise the mine plan ahead of the next mining season in early 2018 (extraction paused in the third quarter to allow development work and drilling to take place).

Additionally, the group highlighted that low-cost exploration work has also taken place at the Ordubad contract licence area and it has seen encouraging initial results with evidence of surface and underground gold and copper mineralisation.

Operations have also been undertaken at Gedabek to increase capacity, specifically the group has raised the tailings wall to make room ahead of the imminent upgrade to the second phase of the project.

READ: Anglo Asian Mining doubles daily production as Ugur mine starts production

Vaziri, in a statement, said: "We have been extremely busy on the ground in Azerbaijan in regards to exploration.

“We recently reported increased production for quarter three of 2017 with the commencement of mining at Ugur.

“Having spent time in 2017 optimising the extraction of gold and gold-copper ores from the Gedabek open pit, we now look forward to recommencing mining to contribute to production in the first quarter of 2018 with the enhanced knowledge of the mineralisation that these exploration activities will provide.”

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Thu, 26 Oct 2017 07:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/186242/anglo-asian-mining-highlights-extremely-busy-period-as-it-works-to-expand-azerbaijan-mining-projects-186242.html
<![CDATA[RNS press release - Exploration and Development Activity Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20171026070002_13409332/ Thu, 26 Oct 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20171026070002_13409332/ <![CDATA[RNS press release - British Ambassador to Azerbaijan visits Gedabek ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20171019101501_13402295/ Thu, 19 Oct 2017 10:15:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20171019101501_13402295/ <![CDATA[News - Anglo Asian Mining reports rise in gold price as new mine comes online ]]> http://www.proactiveinvestors.co.uk/companies/news/185555/anglo-asian-mining-reports-rise-in-gold-price-as-new-mine-comes-online-185555.html Anglo Asian Mining Plc (LON:AAZ) has announced a 19% rise in gold production thanks to the opening of mining at the Ugur open pit in September.

Gold production amounted to 14,468 ounces for the third quarter to September 30, while copper production totalled 550 tonnes and silver totalled 40,288 ounces.

READ: Anglo Asian confirms new JORC resource for Ugur

The company sold 9,287 ounces of gold bullion at an average price of US$1,286 per ounce, copper concentrate sales totalled 2,905 dry metric tonnes with the sales value reported at US$5.5mln.

For the nine months to September 30, the company reported a total of 48,276 gold equivalent.

“This has been an excellent quarter for Anglo Asian as the benefits of the strategic review earlier in the year are now being realised,” said Reza Vaziri, Anglo Asian chief executive.

READ: Anglo Asian Mining hails positive impact of optimisation initiatives

“The commencement of mining from Ugur in September is already having a very positive influence with gold production rising by over 2,300 ounces from the previous quarter.

“Anglo Asian expects a strong fourth quarter and finish to 2017 and I look forward to updating our shareholders on our progress."

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Fri, 13 Oct 2017 07:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185555/anglo-asian-mining-reports-rise-in-gold-price-as-new-mine-comes-online-185555.html
<![CDATA[RNS press release - Q3 2017 Production Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20171013070001_13395484/ Fri, 13 Oct 2017 07:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20171013070001_13395484/ <![CDATA[News - Anglo Asian confirms new JORC resource for Ugur ]]> http://www.proactiveinvestors.co.uk/companies/news/184900/anglo-asian-confirms-new-jorc-resource-for-ugur-184900.html Anglo Asian Mining Plc (LON:AAZ) has completed the latest round of its JORC (Joint Ore Resource Committee) resource work at the producing Ugur gold deposit on the Gedabek licence in Azerbaijan.

The JORC Mineral Resources Report and Ore Reserves Report reiterate the previously stated JORC resources and reserves of 199,000 ounces of gold and 1,049,000 ounces of silver for Ugur.

READ: Anglo Asian Mining hails positive impact of optimisation initiatives

This includes a measured plus indicated resource of 172,000 ounces of gold and 884,000 ounces of silver and proven plus probable reserves of 147,000 ounces of gold and 808,000 ounces of silver.

Production from Ugur commenced in early September 2017, utilising the processing facilities located at the main Gedabek site. 

READ: Anglo Asian Mining doubles daily production as Ugur mine starts production

The processing of ore from Ugur has significantly increased Anglo Asian's total average daily gold production in September 2017, which has doubled compared to the average daily production of the previous eight months from January to August 2017.

 

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Mon, 02 Oct 2017 08:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184900/anglo-asian-confirms-new-jorc-resource-for-ugur-184900.html
<![CDATA[RNS press release - Completion of Ugur JORC Resource ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20171002070003_13381517/ Mon, 02 Oct 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20171002070003_13381517/ <![CDATA[News - Anglo Asian Mining hails positive impact of optimisation initiatives ]]> http://www.proactiveinvestors.co.uk/companies/news/184363/anglo-asian-mining-hails-positive-impact-of-optimisation-initiatives-184363.html Increased sales of copper concentrate partially offset reduced sales of gold bullion in the first half of 2017 at Anglo Asian Mining Plc (LON:AAZ).

The Azerbaijan-focused gold, copper and silver producer’s half-year results confirmed, as anticipated, increased copper and decreased gold bullion production due to optimisation and expansion initiatives undertaken during the period that will significantly enhance the long term outlook, Anglo Asia said.

READ: Anglo Asian Mining doubles daily production as Ugur mine starts production

Those optimisation activities and expansion activities, as expected, led to the company falling into the red in the first half of 2017.

Gold production reached 23,218 ounces, down from 33,837 ounces in the first half of 2016.

Copper production rose to 1,322 tonnes from 969 tonnes the year before.

Silver production dipped to 85,087 ounces from 90,782 ounces the year before.

Adding it all together, total production for the first half of 2017 was 28,489 gold equivalent ounces, down from 36,729 ounces the previous year.

Target production for the whole of 2017 expressed as gold equivalent ounces remains at between 64,000 and 72,000 ounces compared to 2016 actual total production of 72,304 gold equivalent ounces.

READ: Finishing touches being made as Anglo Asian gears up for Ugur production

First half revenue decreased to US$29.8mln from US$39.3mln due to lower gold bullion sales.

On the plus side, the all-in-sustaining-cost (AISC) of production per ounce of gold (including the government of Azerbaijan’s share) declined 20% to US$564 an ounce from US$703 an ounce.

Furthermore, production of gold as doré since the beginning of September has increased significantly with the commencement of mining from the Ugur asset.

The increase in precious metal prices seen last year continued into 2017, and the company sold its gold bullion at an average selling price of US$1,238 per ounce compared to US$1,230 per ounce in the corresponding period of 2016.

“The increase in the price of gold has accelerated since the end of June with the gold price now around US$1,300 per ounce. The increasing price of copper from its low of US$4,350 per tonne in January 2016 to its current price in the region of US$6,500 per tonne has also been very beneficial for the company given its increasing copper production,” noted Khosrow Zamani, non-executive chairman of Anglo Asian.

The loss before tax was US$1.3mln, versus a profit of US$3.5mln the year before.

At the end of June, the cash balance stood at US$1.5mln, up from US$1.4mln at the end of 2016.

Net debt had decreased to US$29.0mln from US$34.6mln at the end of December 2016.

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Thu, 21 Sep 2017 08:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184363/anglo-asian-mining-hails-positive-impact-of-optimisation-initiatives-184363.html
<![CDATA[RNS press release - Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170921070002_13370119/ Thu, 21 Sep 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170921070002_13370119/ <![CDATA[News - Anglo Asian Mining doubles daily production as Ugur mine starts production ]]> http://www.proactiveinvestors.co.uk/companies/news/183904/anglo-asian-mining-doubles-daily-production-as-ugur-mine-starts-production-183904.html Shares in Anglo Asian Mining Plc (LON:AAZ) shot up 13% as the company said production has started at the Ugur open pit mine in Azerbaijan.

The mine is already making “a highly significant contribution to Anglo Asian's production”, the directors told investors on Wednesday morning.

The average daily gold production in the form of gold doré for the period from 1 to 10 September 2017 was 212 ounces, which is 116% higher than the average daily production for the previous eight months. This average daily production is expected to increase further as Ugur moves into full production.

The company is processing the Ugur ore only by agitation leaching. The Ugur oxide-rich ores do not contain copper and therefore the tailings of the agitation leaching plant are not treated by flotation.

READ: Anglo Asian Mining on track to begin mining Ugur gold deposit in fourth quarter

As a result, the flotation plant is free to process some 300 to 400 tonnes per day of mainly high sulphide stockpiled ore using its own mills.

This is another configuration of the company's processing facilities and again demonstrates the flexibility of the processing routes available to Anglo Asian, the company said.

“Progressing from discovery to production in a year is a significant achievement and underlines Anglo Asian's confidence that the Ugur deposit will be an important contributor to the company's future production,” said Reza Vaziri, Anglo Asian's chief executive.

"Bringing Ugur into production now, whilst we undertake the previously reported optimisation and expansion initiatives across our wider Gedabek licence area, will offset the anticipated decrease in gold production from our main Gedabek open pit due to the changing composition of the ore. With this in mind, we are pleased to reconfirm our production forecast of 64,000 to 72,000 of gold equivalent ounces in 2017 and building on this in 2018 and beyond," Vaziri said.

READ: Anglo Asian Mining back in profit as copper output doubles

Anglo's nominated advisor, SP Angel, said: "The team has done well in delivering a reserve/resource statement and commissioning mining operations at Ugur in a year since the discovery. Production start at Ugur lends confidence to the management team to reiterate annual production guidance supplying oxide ores to the agitation plant while Gedabek and Gadir operations go through a production review."

--- adds broker comment ---

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Wed, 13 Sep 2017 09:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183904/anglo-asian-mining-doubles-daily-production-as-ugur-mine-starts-production-183904.html
<![CDATA[RNS press release - Commencement of Production from Ugur Open Pit Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170913080001_13361086/ Wed, 13 Sep 2017 08:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170913080001_13361086/ <![CDATA[RNS press release - Presentation at Conference of Metallurgists ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170911094701_13358102/ Mon, 11 Sep 2017 09:47:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170911094701_13358102/ <![CDATA[Media files - Finishing touches being made as Anglo Asian gears up for Ugur production ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7951/finishing-touches-being-made-as-anglo-asian-gears-up-for-ugur-production-7951.html Thu, 17 Aug 2017 13:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7951/finishing-touches-being-made-as-anglo-asian-gears-up-for-ugur-production-7951.html <![CDATA[News - Anglo Asian Mining boosted by reserves and resources upgrade at Ugur ]]> http://www.proactiveinvestors.co.uk/companies/news/182377/anglo-asian-mining-boosted-by-reserves-and-resources-upgrade-at-ugur-182377.html Shares in Anglo Asian Mining PLC (LON:AAZ) jumped by just over 5% in early trade to 24.5p following an update to the resource estimate for the Ugur gold deposit on the Gedabek licence area in Western Azerbaijan.

Ugur is now known to contain 199,000 ounces of gold and 1,049,000 ounces of silver, while the proven and probable reserves stand at 147,000 ounces of gold and 808,000 ounces of silver.

Ugur remains on track to commence production in September 2017, as mining and haulage of ore to the processing facility stockpile are planned to commence before the end of August 2017.

READ: Anglo Asian Mining on track to begin mining Ugur gold deposit in fourth quarter

"I am very pleased that the JORC total mineral resource estimate for Ugur of 199,000 ounces of gold is in excess of our initial estimates of 195,000,” said Anglo Asian chief executive Reza Vaziri.

“This mineral resource is a valuable addition to our mineral resources at Gedabek. Development work is continuing well and I look forward to reporting the first production of gold from the Ugur deposit which is targeted for next month."

 

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Mon, 14 Aug 2017 09:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182377/anglo-asian-mining-boosted-by-reserves-and-resources-upgrade-at-ugur-182377.html
<![CDATA[RNS press release - Ugur Gold Deposit - JORC Resource and Reserves ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170814070003_13328214/ Mon, 14 Aug 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170814070003_13328214/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170731083001_13312709/ Mon, 31 Jul 2017 08:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170731083001_13312709/ <![CDATA[RNS press release - Director Dealing ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170727163001_13310402/ Thu, 27 Jul 2017 16:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170727163001_13310402/ <![CDATA[RNS press release - Issue of Equity and Director Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170727070003_13308882/ Thu, 27 Jul 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170727070003_13308882/ <![CDATA[News - Anglo Asian Mining on track to begin mining Ugur gold deposit in fourth quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/181348/anglo-asian-mining-on-track-to-begin-mining-ugur-gold-deposit-in-fourth-quarter-181348.html Anglo Asian Mining Plc (LON:AAZ) said today the development of its Ugur gold deposit in Western Azerbaijan was on track for first production in the fourth quarter of 2017.

Drilling and assaying of samples from Uguar, located 3km from the company’s processing facilities at its Gedabek licence, have been completed.

A preliminary sectional estimate of Azeri classified reserves by the company shows about 195,000 ounces of in-situ gold.

Anglo Asian Mining said the completion of drilling expands the total resource at the Gedabek licence, providing “significant potential upside” to its future gold production.

The group plans pre-stripping of the top soil in late July followed by conventional shovel and truck haulage in the fourth quarter.

"Anglo Asian will have progressed from making our first exploratory drill-hole of the Ugur deposit to producing ore from an open pit mine in little over one year,” said chief executive Reza Vaziri.

“This is a testament to the speed at which the Company can react when presented with value accretive opportunities.”

The miner added that further exploration in the main Gedabek open pit mine was underway and it has completed 61 reverse circulation drill-holes at a total of 2,134 metres.

It has also completed 216 metres of a planned 465 metres tunnel between the Gadir underground mine and the down dip extension of the main Gedabek open pit.

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Mon, 24 Jul 2017 11:48:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181348/anglo-asian-mining-on-track-to-begin-mining-ugur-gold-deposit-in-fourth-quarter-181348.html
<![CDATA[RNS press release - Ugur Gold Deposit Development & Gedabek Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170724103306_13304937/ Mon, 24 Jul 2017 10:33:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170724103306_13304937/ <![CDATA[News - Anglo Asian Mining pushes up second quarter production at Gedabek ]]> http://www.proactiveinvestors.co.uk/companies/news/180964/anglo-asian-mining-pushes-up-second-quarter-production-at-gedabek-180964.html Anglo Asian Mining pushes up second quarter production at Gedabek

Anglo Asian Mining Plc (LON:AAZ) produced 12,140 ounces of gold from its Gedabek mine in Azerbaijan in the three months to 30 June 2017.

Copper production for the second quarter totalled 716 tonnes, while silver production for Q2 2017 totalled 45,718 ounces.

In gold equivalent ounces, total production amounted to 14,775 ounces, up from the 13,779 of gold equivalent ounces produced in the first quarter.

The numbers take total production for the first half of the year to 28,554 gold equivalent ounces.

For the full year the company is targeting production of between 64,000 ounces and 72,000 gold equivalent ounces.

 

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Mon, 17 Jul 2017 08:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180964/anglo-asian-mining-pushes-up-second-quarter-production-at-gedabek-180964.html
<![CDATA[RNS press release - Q2 and H1 2017 Production and Operations Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170717070003_13296469/ Mon, 17 Jul 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170717070003_13296469/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170703070001_13280627/ Mon, 03 Jul 2017 07:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20170703070001_13280627/ <![CDATA[News - Anglo Asian set for year of consolidation as it explores and develops in Azerbaijan ]]> http://www.proactiveinvestors.co.uk/companies/news/180124/anglo-asian-set-for-year-of-consolidation-as-it-explores-and-develops-in-azerbaijan-180124.html Azerbaijan-focused Anglo Asian Mining Plc’s (LON:AAZ) focus this year will be extensive exploration and production optimisation at the main open pit at Gedabek and the Gadir underground mines.

Production is also sent to start at the newly discovered Ugur gold ore body, chief executive Reza Vahiri told shareholders at its annual meeting.

“We are also testing a new configuration of the flotation and agitation leaching plants to give us added flexibility in processing.

“We have extensive stockpiles of ore which can now be processed whilst mining is temporarily paused during exploration and production optimisation.

“With this in mind, we have declared a production target for FY 2017 of between 64,000 gold equivalent ounces (GEOs) and 72,000 GEOs.” 

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Fri, 30 Jun 2017 10:12:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180124/anglo-asian-set-for-year-of-consolidation-as-it-explores-and-develops-in-azerbaijan-180124.html