http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 20 Jul 2018 15:48:25 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Exercise of Share Options and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180719170902_13724796/ Thu, 19 Jul 2018 17:09:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180719170902_13724796/ <![CDATA[Media files - Anglo Asian Mining 'in extremely good shape' after first half production boost ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9899/anglo-asian-mining-in-extremely-good-shape-after-first-half-production-boost-9899.html Thu, 19 Jul 2018 08:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9899/anglo-asian-mining-in-extremely-good-shape-after-first-half-production-boost-9899.html <![CDATA[News - Anglo Asian Mining shares jump as it delivers 22% boost to production from Gedabek ]]> http://www.proactiveinvestors.co.uk/companies/news/200922/anglo-asian-mining-shares-jump-as-it-delivers-22-boost-to-production-from-gedabek-200922.html Anglo Asian Mining Plc (LON:AAZ) saw its shares jump higher on Tuesday as the AIM-listed miner delivered a 22% year-on-year increase in total production of gold equivalent ounces for the first half of 2018.

Total production from the Gedabek gold, copper and silver mining contract area in western Azerbaijan rang in at 37,349 gold equivalent ounces, a performance the company characterised as “excellent”.

READ: Dividend plan underlines confidence at Anglo Asian Mining

Anglo Asian had net debt of US$2.9mln at 30 June 2018, a reduction of US$7.5mln since 31 March 2018.            

Anglo Asian also said a second crusher line is now in operation at Gedabek with the agitation leaching and flotation plants now processing independently.

"Our operations are moving up a gear with the new Ugur mine and second crusher line adding significantly to our production capacity and, I believe, we are well placed to meet our financial year 2018 production target of between 78,000 to 84,000 gold equivalent ounces,” said chief executive Reza Vaziri.

“We are accordingly creating a sound financial position from which to announce and pay a maiden dividend, in line with our previous announcements, following completion of the share capital reduction proposed in the recent circular to shareholders.”

In early morning trading, Anglo Asian Mining shares were 13% higher at 51p.

-- Adds share price --

 

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Tue, 17 Jul 2018 08:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/200922/anglo-asian-mining-shares-jump-as-it-delivers-22-boost-to-production-from-gedabek-200922.html
<![CDATA[RNS press release - Q2 & H1 2018 Production and Operations Review ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180717070007_13719880/ Tue, 17 Jul 2018 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180717070007_13719880/ <![CDATA[RNS press release - Posting of Circular and Notice of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180713100004_13717100/ Fri, 13 Jul 2018 10:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180713100004_13717100/ <![CDATA[RNS press release - PDMR Exercise of Share Options and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180705110003_13707123/ Thu, 05 Jul 2018 11:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180705110003_13707123/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180629161501_13700133/ Fri, 29 Jun 2018 16:15:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180629161501_13700133/ <![CDATA[News - Anglo Asian Mining says “2017 was a year of delivery” ]]> http://www.proactiveinvestors.co.uk/companies/news/199860/anglo-asian-mining-says-2017-was-a-year-of-delivery-199860.html Anglo Asian Mining Plc (LON: AAZ) has said that 2017 was a year of delivery for the company as it has implemented a wide-ranging optimisation and expansion strategy to provide long-term sustainable production growth at Gedabek contract area.

In a statement to be delivered at today's annual general meeting, Reza Vaziri, CEO of the company, said that these initiatives ‘have proved overwhelmingly successful’ and the group began 2018 with production growing and a much more robust platform to sustain this into the future. 

READ: Anglo Asian Mining forecasts sizeable production uplift in 2018

He said: “In light of the group's prospects and current strong financial position, the board is now considering a dividend policy and the payment of a maiden dividend.”

Vaziri added that in 20017 the company achieved “a healthy total production output of 71,461 gold equivalent ounces”.  

The company has estimated the total production for the financial year 2018 at between 78,000 to 84,000 gold equivalent ounces.

“The company also achieved a 26 per cent increase in year-on-year gold equivalent ounces production in the first quarter of 2018, further highlighting the strong growth we are experiencing following the implementation of our expansion and optimisation programme,” Vaziri said.

In early morning trading, Anglo Asian Mining shares jumped 3.6% to 43.00p 

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Fri, 29 Jun 2018 08:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/199860/anglo-asian-mining-says-2017-was-a-year-of-delivery-199860.html
<![CDATA[RNS press release - AGM Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180629070003_13698399/ Fri, 29 Jun 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180629070003_13698399/ <![CDATA[News - Dividend plan underlines confidence at Anglo Asian Mining ]]> http://www.proactiveinvestors.co.uk/companies/news/199343/dividend-plan-underlines-confidence-at-anglo-asian-mining-199343.html In the past year, shares in Anglo Asian Mining Plc (LON:AAZ) have almost doubled.

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.

Underground link-up between Gadir and Gedabek underway

Construction of a tunnel between Gadir and the Gedabek underground mineralisation is now underway with some 600 metres of tunnelling completed.

This 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 back wall of the open pit and to fan drill to assess the mining potential for an underground mine.

Strong first half

The AIM-listed miner delivered a 22% year-on-year increase in total production of gold equivalent ounces over the first half of 2018.

Total production from the Gedabek gold, copper and silver mining contract area in western Azerbaijan rang in at 37,349 gold equivalent ounces, a performance the company characterised as “excellent”.

Anglo Asian had net debt of US$2.9mln at 30 June 2018, a reduction of US$7.5mln since 31 March 2018. 

SP Angel bullish

The intention to set a dividend plan reflects current strong free cash flow generation at the Gedabek operations and signals management confidence in the production performance outlook, says SP Angel.

The broker upgraded its forecasts following recent results adding Anglo Asian now has various processing options: tank leaching, flotation, SART and heap leaching that can handle different ores.

Infrastructure is good with a regional power grid and roads connecting the mines of Gedabek, Gadir and Ugur.

Improved water availability, an expanded waste dam capacity and productive local labour also all improve the sustainability of a low-cost operation.

Exploration potential remains with the Gedabek orebody having yet not been delineated.

Gadir, meanwhile, extends down dip with the latest drill core returning wide high- grade intersections as well as regional prospective targets that warrant follow-up exploration work.

The company is spending US$16mln over 2018-2020 on a comprehensive exploration programme to leverage off the established processing infrastructure.

Anglo Asian has forecast between 9-17% production growth forecast in 2018 to 78-84,000oz gold equivalent (2017: 71,000oz GE) followed by a further increase in 2019, which the broker forecasts will be to 96,000z.

Bottom quartile costs

All-in-costs of $681/oz put it in the bottom quartile among gold producers and should allow it to earn US$36mlm of underlying profits in 2018 and generate US$23mln of cash, added SP Angel.

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Thu, 21 Jun 2018 15:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/199343/dividend-plan-underlines-confidence-at-anglo-asian-mining-199343.html
<![CDATA[RNS press release - Notice of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180607093005_13670768/ Thu, 07 Jun 2018 09:30:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180607093005_13670768/ <![CDATA[Media files - Anglo Asian Mining posts profit for 2017 and cuts net debt ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9380/anglo-asian-mining-posts-profit-for-2017-and-cuts-net-debt-9380.html Fri, 25 May 2018 14:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9380/anglo-asian-mining-posts-profit-for-2017-and-cuts-net-debt-9380.html <![CDATA[News - Anglo Asian Mining forecasts sizeable production uplift in 2018 ]]> http://www.proactiveinvestors.co.uk/companies/news/197614/anglo-asian-mining-forecasts-sizeable-production-uplift-in-2018-197614.html Gold miner Anglo Asian Mining Plc’s (LON:AAZ) has forecast a sizeable uplift in production in the current year after revenues and profits fell in 2017.

Revenues for the year dropped to US$71.8mln from US$79.2mln as the proportion of concentrate sold increased.

WATCH: Anglo Asian Mining posts profit for 2017 and cuts net debt

Profits eased to US$5.7mln (US$6.8mln) but strong cashflow almost halved debts to US$18.1mln and the miner is bullish over the current twelve months.

Production from the new Ugur open pit is fully onstream while gold and copper prices remain high.

The Azerbaijan-based gold miner produced 71,500 gold equivalent ounces in the past year and but expects this to rise to between 78,000 and 84,000oz in 2018.

Based on the higher production and lower debts, the company is also considering paying its first dividend with a schedule to be announced next quarter.

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Thu, 24 May 2018 07:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/197614/anglo-asian-mining-forecasts-sizeable-production-uplift-in-2018-197614.html
<![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180524070006_13653128/ Thu, 24 May 2018 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180524070006_13653128/ <![CDATA[RNS press release - New Corporate Presentation ]]> http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180503111638_13628930/ Thu, 03 May 2018 11:16:38 +0100 http://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180503111638_13628930/ <![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/