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Anglo Asian is an AIM quoted, cash generative and profitable gold and copper mining and exploration company in Azerbaijan. The Company moved into gold production in May 2009 at its flagship Gedabek gold/copper mine located in western Azerbaijan. The mine, which is an open pit, heap leach operation, produced 67,267 ounces of gold for its first full year of operation to 31 December 2010. Additionally Gedabek produces copper through its Sulphidisation, Acidification, Recycling and Thickening ('SART') plant, which recovers copper in the form of a precipitated copper sulphide concentrate containing silver with commercial value.

+994 12 596 3350
7 Devonshire Square, Cutlers Gardens, London EC2M 4YH.
Super Sector:
General Mining - Gold
General Mining
EPIC / Symbols:
*subject to change and depends on individual circumstances.

Anglo Asian Mining RNS Press Releases

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Anglo Asian Mining Articles, News, and Media Files

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Anglo Asian Mining Related Media

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Broker press

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  • 17/04/14

    17.04.14 :-3.25, (16.25) SP Angel reiterates its "buy" rating but cut its price target to 29p from 35p.

  • 03/04/12

    03.04.12 :-0.25, (41.25) Fairfax IS initiates coerage with a "buy" rating and 72p price target.

  • 26/05/11

    Press: 26.05.11: -2.25, (55.75) Press: Anglo Asian Mining fell on profit-taking despite reporting solid results, including gold production of... read more

  • 05/10/10
    +1.25 +43.50

    an article in the Mail reports: Anglo Asian Mining rose 4.50p to 42.00p after a record quarterly gold production result of 19,214 ounces at its Gedabek gold/copper... read more

  • 12/04/10
    +1.25 +17.25

    announces that production from the Gedabek mine in Azerbaijan beat targets. Anglo Asian Mining said the mine produced a record 6,167... read more

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
27/02/14 A.J. Monhemius SELL 2,757 ORD 17.75 489 202,143 0.18
18/02/14 A.J. Monhemius SELL 656 ORD 19.00 125 204,900 0.18
22/01/14 A.J. Monhemius EX 150,000 OPT 11.50 17,250 205,556 0.18
24/01/11 K. Zamani EX 550,000 OPT 4.75 26,125 0,000 N/A
10/01/11 R. Round SELL 60,000 ORD 78.50 47,100 153,958 N/A


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Date Type Turnover Profit EPS (p) Dividend (p) Currency
30/06/13 Interim 27.62 4.17 3.41 0.00 USD
31/12/12 Full year 73.52 28.55 17.41 0.00 USD
30/06/12 Interim 30.11 10.46 5.95 0.00 USD
31/12/11 Full year 83.75 31.62 16.91 0.00 USD
30/06/11 Interim 38.53 14.16 7.51 0.00 USD

Company Statement

Anglo Asian Mining PLC (AIM:AAZ) is a gold and copper focused mining company in Caucasia and Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 sq km prospective exploration portfolio and has developed Azerbaijan’s first operating gold/copper mine, Gedabek, which commenced gold production in May 2009 and is targeted to produce in excess of 300,000 oz gold in the first six years of production.

Anglo Asian is actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in Central Asia and Caucasia in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company focussed in these regions.


Current Operations



Azerbaijan is situated in south-western Asia, bordering the Caspian Sea between Iran and Russia, with a small European portion north of the Caucasus range. It borders Armenia, Georgia, Iran, Russia and Turkey and is split into two parts by Armenia; the smaller part is called the Autonomous Republic of Nakhchivan


Anglo Asian's key operations span three Contract Areas in Azerbaijan covering 1,062 sq km: Gedabek, where the Company operates a gold mine and is undertaking exploration activities to increase its resource base and, in turn, life of mine; and Ordubad and Gosha, where extensive exploration programmes are underway with the view of confirming gold deposits with production potential. It also holds three additional Contract Areas covering 900 sq km in territories occupied by Armenia, which it hopes to develop when access is obtained.

Anglo Asian Mining’s operations are focussed on various projects within three primary Contract Areas in Azerbaijan. The rights to explore and develop all minerals in these areas are governed by a PSA with the Azeri Government.

Gedabek Contract Area - 300 sq km, with the mining and exploration rights until February 2022. Within this    Contract Area, the Company has developed the producing Gedabek gold/copper mine.

Gosha Contract Area - 300 sq km, with the right to explore for precious and base metals until 13 April 2011.

Ordubad Contract Area - 462 sq km with the right to explore for precious and base metals until 12 April 2012.

Occupied Territories – 900 sq km area, which will be developed as and when the political situation ameliorates.





The Company holds mining and exploration rights for a minimum period of 15 years from 26 February 2007 over the 300 sq km Gedabek Contract Area, which is 55 km from Azerbaijan's second biggest city, Ganja. The area includes Azerbaijan's first operating gold mine as well as a number of exploration targets. Its current JORC compliant resource stands at 791,000 ounces of gold, 49,300 of copper and 7,597,000 ounces of silver for all categories.
For the year to 31 December 2011 the Company produced 57,068 oz of gold for year to 31 December 2011 with an average cash operating cost of US$450 per oz Au. This positions Gedabek as a low cost producer relative to its peers.  In terms of long-term targets Anglo Asian is aiming to produce in excess of 300,000 ounces of gold in the first six years of Gedabek's production.


The 300 sq km Gosha Contract Area is situated 50 km north-west of Gedabek and contains at least nine mineralised zones. Gosha has more than 6 km of exploration adits from the Soviet-era, of which the richest mineralisation zone has a prospect of narrow vein type renegade gold deposit. In addition to this zone, which according to Soviet-era studies contains approximately 3.2 tonnes of gold with average grade of 14.0 g/t, there are several other vein type mineralisation zones. In total, according to these studies, Gosha has a resource of 8 tonnes of gold in the indicated and inferred categories.



The 462 sq km Ordubad Contract Area is in the Nakhchivan region and contains numerous targets including Shakardara, Piyazbashi, Misdag, Agyurt, Shalala and Diakchay, which are all located within a 5 km radius. Exploration activities are ongoing at the Contract Area including a preliminary remote sensing study, adit cleaning and re-sampling of adits in two regions, Pyazbashi and Agyurt, and trenching and sampling in the Daste Bashi region.


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. 


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. 


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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Abe Halati -  Adviser to the President, Azerbaijan International Mining Company Limited

Abe Halati, Adviser to the President, has had 38 years of business experience in the financial industry. During the past nine years he has been engaged as a consultant to major investment banks and law firms in the US. Prior to his consulting business he was COO of a multibillion hedge fund. Prior to his hedge fund experience he was engaged by the US Federal District Court appointed Administrator in the case of SEC vs. Prudential Securities to value over $8 billion of assets and to settle over 330,000 cases.


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.


Sean Duffy - Chief Financial Officer and Company Secretary, Anglo Asian Mining PLC

Sean Duffy, CFO of Anglo Asian Mining holds a MBA from RMIT University in Australia and has over 25 years experience in the mining arena and has held senior finance positions for BHP Billiton Corporate Head Office in Australia and BHP Billiton Coal Exploration Projects in Indonesia. He has also worked as a Director of Finance for Ma'aden - Saudi Arabian Mining Company, a gold, phosphate and aluminium company and as Vice President Finance based in Dubai for DRC copper/cobalt company Shalina Resources. Additionally Sean has been CFO of a TSX:V listed Kazax Minerals an iron ore company with operations and functions in Kazakhstan, Africa, Malaysia, Singapore and Canada.


Farhang Hedjazi - Chief Technical Officer

Farhang Hedjezi has served as technical advisor to the Company since October 2009, after completion of  his duty as the project manager of Gedabek  Mine and gold plant. He has worked for National Iranian Lead and Zinc as chief process engineer from 1986 to 1989. He then joined kahanroba Engineering Company. He has the designed and constructed several  Zinc smelters,  Gold CIL plant, Gold Heap leach and  has managed underground mining facility.


Timothy Van Zeller - Operation Manager, Azerbaijan International Mining Company Limited

Tim Van Zeller is Operations manager of AIMC, Gedabek operation and has 40 years' experience in metallurgical processing in the mining industry. He has experience in the extractive metallurgy of gold, silver nickel and manganese having worked extensively in Africa and Central Asia. He specialises in gold processing plants as well as heap leaching.


Angel Vega - Sustainability Manager

Angel Vega has over 14 years of experience as a Health, Safety and Environment (HSE) specialist within the mining industry including exploration, project development and implementation, operations and closure in various open cast and underground mining companies in Peru, Bolivia, Chile, Argentina, Democratic Republic of Congo, South Africa, Guinea, Ghana and Mali. He has worked globally in various senior HSE management positions at Rio Tinto-COMSUR, Coeur d'Alene Mines, Panamerican Silver, Katanga Mining and AngloGold Ashanti. He holds university qualifications in Environmental Science and has also obtained post-graduate certifications on Mining and Environment and Management Systems in Sweden and England.


Major Shareholders

Key shareholders Number of
ordinary shares
Reza Vaziri 32,796,830 29.53
Khagani Bashirov 18.087,758 16.29
John Sununu 10,734,540 9.67
Limelight Industrial Developments Limited 4,038,600 3.64

As of 29/06/2011

Infromation taken from Company website 02.10.2012


  • Additional Information
    Share Price
    111.68 m
    Avg. Vol
    Mkt Cap
    £18.15 m
  • Latest Stocktube

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  • Contact Information

    Anglo Asian Mining plc

    16 H. Aleskerov str.
    Republic of Azerbaijan

    Telephone +994 (12) 596 3350
    Facsimile +994 (12) 596 3354
    Email info@aamining.com

    Corporate Information


    Nominated Adviser and Broker

    Fairfax I.S. PLC

    46 Berkeley Square,



    W1J 5AT

    United Kingdom



    Bankers – United Kingdom


    79 Piccadilly


    W1J 8EU

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    Ernst & Young LLP

    1 More London Place


    SE1 2AF

    United Kingdom



    Bankers – Azerbaijan

    International Bank of Azerbaijan

    Street 67






    Financial PR Advisers

    St Brides Media & Finance Ltd

    Chaucer House

    38 Bow Lane


    EC4M 9AY

    United Kingdom

    Solicitors – United Kingdom

    Squire Sanders & Dempsey (UK) LLP

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    Cutlers Gardens


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    Capita Registrars

    The Registry

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    Solicitors – Azerbaijan

    Nazal Consulting LLC

    36 Islam Safarly Street




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