Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

National grid hook-up 'a really good thing for us' says Anglo Asian Mining Plc CFO Bill Morgan

Azerbaijan-focused miner Anglo Asian Mining Plc (LON:AAZ) said its Gedabek gold, copper and silver mine was now hooked up to the national grid.

CFO Bill Morgan tells Proactive: ''This is quite a good thing for us really and it means two things. Firstly it means we've got some very significant cost savings because obviously the capital cost of the electrical installation will be paid back within a year and then we're looking at cost savings on our existing operation of around $2.3 mln a year. Given the context of a business of our size that is a very significant cost saving''.

''Also, it means that there are now no longer any power constraints on us expanding the mine''.

''If we want to start upgrading the plant or putting in new machinery or doing anything really is not an issue''.

 
Meet Amur Minerals Corporation, Lekoil Ltd, SDX Energy Inc and Tethyan Resources PLC at our event, London, 19 October 2017. Register here »
View full AAZ profile View Profile

Anglo Asian Mining Plc Timeline

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use