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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.

Website:
http://www.angloasianmining.com/home/
Phone:
+994 12 596 3350
Address:
7 Devonshire Square, Cutlers Gardens, London EC2M 4YH.
Super Sector:
General Mining - Gold
Sector:
Mining
Industry:
General Mining
EPIC / Symbols:
LON:AAZ
chart-size
*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

BASIC RESULTS INFORMATION

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Date Type Turnover Profit EPS (p) Dividend (p) Currency
30/06/14 Interim 32.71 -7.48 -6.17 0.00 USD
31/12/13 Full year 70.82 1.39 0.30 0.00 USD
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

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

Location

 

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.

 

 

Gedabek

 

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.



GOSHA

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.

.

Ordubad

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.

Management

Khosrow Zamani – b. 1943

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 – b. 1953

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. Notably, Mr Vaziri has been awarded the Ellis Island Medal of Honour in the US, an awarded recognised by the United States House of Representatives and United States Senate for contributions made to America.

 

Richard Round* – b. 1958

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. Mr Round has also been Finance Director of Cambrian Mining PLC, Lubel Coal Company Limited, Novera Energy PLC and is now CFO of Aquamarine Power Limited, a wave energy developer.

 

* Additional disclosures required under Schedule 2 of the AIM Rules for Companies and not otherwise disclosed in the Company's Admission Document or in a Regulated News Service Statement:

 

Mr Richard Round was a director of General Materials Limited, a wholly owned subsidiary of Ferrum Holdings PLC, from 13 January 1993 to 29 April 1997. A creditors voluntary liquidation process was started for this company on 11 November 1993 and the company was dissolved on 13 May 1997.

 

John H. Sununu – b. 1939

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. Governor Sununu is a former partner in Trinity International Partners, a private financial firm, and currently serves as President of JHS Associates, Ltd.

 

John Monhemius – b. 1942

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. Professor Monhemius has published over 130 papers in the scientific literature and he has supervised more than 30 Ph.D students. From 1986-96, he was a co-founder and director of Consort Research Ltd, a consultancy specialising in gold and base metal ore processing and, in 2008/9, he was a non-executive director of Obtala Resources Ltd.

 

Major Shareholders

Anglo Asian Mining snapshot
Index FTSE AIM All-Share
Status AIM
Stock code AAZ
Sector General mining
Financial year end 31 December


Shares in issue

The total issued share capital 111,683,972 ordinary shares.

The total voting capital 111,683,972 ordinary shares.

No shares are currently held in treasury.

Percentage issued share capital not in public hands 56.16%.

There are no restrictions on the transfer of AIM securities.

Key shareholders

Shareholders update as of 2nd June 2014

Key shareholders Number of
ordinary shares
Holding
%
Reza Vaziri 32,796,830 29.37%
Khagani Bashirov 12,772,758 11.44%
Governor John Sununu 10,674,540 9.56%
Khosrow Zamani 793,184 0.710%
Prof John Monhemius 202,143 0.181%
Richard Round 153,958 0.138%

The Company is not presently subject to the City Code on Takeovers and Mergers.

  • Additional Information
    Market
    AIM
    EPIC
    AAZ
    Share Price
    8.25p
    Change
    0
    Volume
    0
    Dividend
    0
    EPS
    0.30
    Shares
    111.68 m
    Offer
    8.5
    Bid
    8
    Avg. Vol
    200,039
    Yield
    0.00
    P/E
    27.50
    Mkt Cap
    £9.21 m
  • Latest Stocktube
    29/01/2014

    Anglo Asian Mining focused on raising production and efficiency

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  • Contact Information

    Anglo Asian Mining plc

    16 H. Aleskerov str.
    Baku
    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,

    Mayfair

    London 

    W1J 5AT

    United Kingdom

     

     

    Bankers – United Kingdom

    HSBC

    79 Piccadilly

    London

    W1J 8EU

    United Kingdom

     

     

    Auditors

    Ernst & Young LLP

    1 More London Place

    London

    SE1 2AF

    United Kingdom

     

     

    Bankers – Azerbaijan

    International Bank of Azerbaijan

    Street 67

    Nizami

    Baku

    Azerbaijan

     

     

    Financial PR Advisers

    St Brides Media & Finance Ltd

    Chaucer House

    38 Bow Lane

    London 

    EC4M 9AY

    United Kingdom


    Solicitors – United Kingdom

    Squire Sanders & Dempsey (UK) LLP

    7 Devonshire Square

    Cutlers Gardens

    London

    EC2M 4YH

    United Kingdom

     

    Registrar

    Capita Registrars

    The Registry

    34 Beckenham Road

    Beckenham

    Kent 

    BR3 4TU

    United Kingdom

     

    Solicitors – Azerbaijan

    Nazal Consulting LLC

    36 Islam Safarly Street

    Baku

    Azerbaijan

     

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