Proactiveinvestors United Kingdom Anglo Asian Mining PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Anglo Asian Mining PLC RSS feed en Fri, 24 May 2019 20:38:31 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Anglo Asian Mining’s track record of growth and dividend payments has brought investors flocking in ]]> https://www.proactiveinvestors.co.uk/companies/news/219384/anglo-asian-minings-track-record-of-growth-and-dividend-payments-has-brought-investors-flocking-in-219384.html Interested parties could do worse than take a leaf out of the book of Anglo Asian Mining PLC (LON:AAZ), the Azerbaijan-focused company that’s been consistently delivering growth for several quarters now.

The latest numbers, for the three months to March 2019 show gold equivalent production up 11% when compared to the corresponding period a year earlier, and overall gold production up by 5%.

Total quarterly production of 20,287 gold equivalent ounces puts the company well on track to meet its full year guidance of between 82,000 and 86,000 gold equivalent ounces.

If it manages to hit the top end of that range it will beat the previous annual production record, set in the fully year to 2018, of 83,736 gold equivalent ounces.

And an Anglo Asian’s recent track record there’s every reason for confidence that that target will be met.

The majority of production continues to come from the Gedabek mine, although the production mix is shifting somewhat more in favour of copper as time goes by. Last year’s 72,798 ounces of pure gold production won’t be matched this year, and guidance is now set at between 65,000 and 67,500 ounces. Instead, copper production is set almost to double, from 1,645 tonnes of copper to between 3,000 and 3,100 tonnes.

At a time of weakening gold prices but considerable copper price resilience, that’s perhaps no bad thing. In any case, Anglo Asian makes a virtue of the increasing diversity of its product mix, and on that score it should be noticed that a not inconsiderable amount of the equivalent ounces are also accounted for by silver.

So, although the averaged realised price for the gold Anglo Asian is selling has fallen somewhat since the highs of a few months ago, the overall impact ought to be fairly small.

Investors certainly don’t seem too worried.

Yes, Anglo Asian’s shares are now trading at slightly weaker levels than they were at the end of last year, when the trajectory of the gold price was well and truly up. But even so, the shares are still only down 10% from the December 4th all-time high. Compare the current 81.5p to the share price a year ago (41p), or three years ago (7p), and you get a clear enough picture of what the market thinks.

But what exactly is it that the markets like so much?

For one thing, Anglo Asian has net cash. This is not a company that is overburdened by the kind of debt payments that tend to push dividends out into the middle distance for other mining companies that make it into production.

The final dividend for 2018 amounted to US$0.03 per share, and Anglo Asian has gone on record stating that this year it intends to pay out a minimum of US$0.06 per share. Yes, it’s investing in exploration and growth, but it’s also quite prepared to return some of the cash flow its production operations are generating to shareholders.

That may seem like a fairly innocuous financial strategy to newcomers to the junior mining sector, but the more seasoned industry watchers will know only too well that extracting dividends from companies that have gone into production isn’t always easy for shareholders. Instead the focus is always on the next project.

In Anglo Asian’s case, though, investors get both. The dividend is assured, and well covered by free cashflow which at the most recent set of financial figures, for the six months to June 2018, rang in at US$16.4mln. It will be higher now, following the significant reduction of the company’s debt burden during 2018.

At the same time the upside remains considerable. Around US$1.8mln has been earmarked this year for exploration on the Ordubad contract area, a 462 square kilometre exploration project which may contain multiple mineralised porphyry systems.

Porphyries tend to be rich, and tend to occur in clusters, so there’s a very real possibility that this year’s exploration programme could be transformative for Anglo Asian. Certainly, historic Soviet data seems to point that way, and now that cash is coming in in large enough quantities it’s hardly surprising that Anglo Asian is keen to initiate a major exploration effort.

Separately, exploration around the wider Gedabek region is also underway, with a recent airborne survey having identified 25 potential new porphyry targets.

In the context of all this exploration work it’s interesting to note that Stephen Westhead, Anglo Asian’s director of geology, purchased 60,000 shares in the company at an average price of 86.3p towards the end of last year, taking his total holding to 235,000.

Other major shareholders include chief executive Reza Vaziri, who holds just over 28% of the shares. Another significant shareholder is a former US Governor, John Sununu, who also serves as a non-executive. And the chairman, Khosrow Zamani, a former director at the IFC, speaks for just over 1%.

Shareholders interests are therefore very clearly aligned with directors here, the same directors that have delivered a tenfold uplift in the share price over the past three years. The next three may not be quite so spectacular, but there’s cash coming in now, dividends being paid out, and huge exploration upside on the cards. For Anglo Asian, these are very interesting times.

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Sat, 01 Jan 2039 00:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/219384/anglo-asian-minings-track-record-of-growth-and-dividend-payments-has-brought-investors-flocking-in-219384.html
<![CDATA[Media files - Anglo Asian Mining PLC in an 'enviable position' ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13398/anglo-asian-mining-plc-in-an--enviable-position--13398.html Fri, 17 May 2019 14:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13398/anglo-asian-mining-plc-in-an--enviable-position--13398.html <![CDATA[News - Anglo Asian Mining's profits surge as costs tumble at Gedabek ]]> https://www.proactiveinvestors.co.uk/companies/news/220396/anglo-asian-mining-s-profits-surge-as-costs-tumble-at-gedabek-220396.html Anglo Asian Mining PLC (LON:AAZ) shres jumped higher on Thursday as the Azerbaijan-focused gold miner saw annual profits surge as production in 2018 came in at the top of its forecast and sales jumped by over a third.

Output in the year to December rose 17% to 83,736 gold equivalent ounces, while sales jumped 36% to just under 59,500oz at an unchanged price of US$1,265 per oz.

That helped pre-tax profits soar 342% to US$25.2mln (from US$5.7mln) as costs also fell to US$541 per ounce on a sustaining basis.

Chairman Khosrow Zamani described as it as truly transformational year for the miner, which is now 'in an enviable position' to move forward.

“Gedabek is now generating stable cash flow which provides funds for both investment and to pay dividends.

“The company's solid balance sheet and excellent relationships with banks in Azerbaijan and elsewhere means loan finance can be easily obtained if required.

“Together, this means the company has ample financial resources to seize any suitable opportunities that may arise.”

Strong cashflows meant Anglo ended the year with cash of US$6.1mln and also paid out its first dividends worth in total 7c for the year.

Gedabek produces gold at one of the lowest costs in the industry, added Zamani, and the aim is to maintain this position as it extends its production life.

Anglo added it has licences over an area of 1,000 sq Km and a recent aerial survey had already identified additional targets at Gedabek and a discovery at Gosha, another of its mines nearby.

In late afternoon trading, shares in Anglo Asian Mining were up 4.3% at 98.0p.

 -- Adds share price --

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Thu, 16 May 2019 08:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220396/anglo-asian-mining-s-profits-surge-as-costs-tumble-at-gedabek-220396.html
<![CDATA[RNS press release - Full year results 2018 - pre-tax profit of $25.2m ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190516070002_14075782/ Thu, 16 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190516070002_14075782/ <![CDATA[Media files - Anglo Asian Mining PLC - Mining Capital Conference May 2019 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13283/anglo-asian-mining-plc---mining-capital-conference-may-2019-13283.html Thu, 09 May 2019 08:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13283/anglo-asian-mining-plc---mining-capital-conference-may-2019-13283.html <![CDATA[RNS press release - New Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190502070005_14060252/ Thu, 02 May 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190502070005_14060252/ <![CDATA[Media files - Anglo Asian's Bill Morgan details 2019 exploration and production ambitions ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13154/anglo-asian-s-bill-morgan-details-2019-exploration-and-production-ambitions-13154.html Tue, 30 Apr 2019 13:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13154/anglo-asian-s-bill-morgan-details-2019-exploration-and-production-ambitions-13154.html <![CDATA[News - Exploration continues apace at Anglo Asian Mining ]]> https://www.proactiveinvestors.co.uk/companies/news/219235/exploration-continues-apace-at-anglo-asian-mining-219235.html Asian Mining PLC (LON:AAZ) has revealed the results of a helicopter-borne electromagnetic and aeromagnetic survey, completed over the Gedabek project in Azerbaijan in the second half of 2018.

The survey identified 25 targets favourable for epithermal and porphyry mineralisation and six magnetic targets consistent with porphyry systems.

WATCH: Anglo Asian Mining reports strong first quarter with 11% production increase

The selection of the most promising targets and planning for their detailed investigation is now underway.

Meanwhile further mineable copper and gold extensions have been identified through drilling at the northern and southern margins of the current Gedabek open pit.

This increased ore footprint will be included in the 2019 Gedabek reserves and resources update. The company has also identified additional mineable mineralisation beneath the Gedabek open pit.

Drilling has also boosted confidence increased in the production profile at Gadir after it showed a continuation of the orebody down-dip and potentially along strike

And at Gosha drilling at the Asrikchav target has resulted in the discovery of polymetallic mineralisation, with highlights including 4.3 metres grading 4.11 grammes per tonne of gold, 112.23 grammes per tonnes of silver, 3.07% copper and 3.02% zinc.

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Mon, 29 Apr 2019 07:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219235/exploration-continues-apace-at-anglo-asian-mining-219235.html
<![CDATA[RNS press release - Results of Helicopter-borne Geophysics Survey ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190429070018_14054565/ Mon, 29 Apr 2019 07:00:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190429070018_14054565/ <![CDATA[Media files - Anglo Asian Mining reports strong first quarter with 11% production increase ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13000/anglo-asian-mining-reports-strong-first-quarter-with-11-production-increase-13000.html Mon, 15 Apr 2019 12:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13000/anglo-asian-mining-reports-strong-first-quarter-with-11-production-increase-13000.html <![CDATA[News - Anglo Asian Mining posts an 11% rise in first-quarter production from the Gedabek area in Azerbaijan ]]> https://www.proactiveinvestors.co.uk/companies/news/218293/anglo-asian-mining-posts-an-11-rise-in-first-quarter-production-from-the-gedabek-area-in-azerbaijan-218293.html Anglo Asian Mining PLC (LON:AAZ) shares rose on Wednesday as the firm reported an 11% year-on-year rise in first-quarter production from the Gedabek gold, copper and silver mining contract area in western Azerbaijan and saw its net cash increase by 77% to US$10.8mln.

In a production and operations review for the three months to 31 March 2019, the AIM-listed group said it produced 20,287 gold equivalent ounces in the period, up from 18,307 GEOs in the first quarter of 2018.

READ: Anglo Asian kick starts 2019 exploration programme at Ordubad, targeting multiple porphyry systems

The company said gold production increased by 5% year-on-year in the first quarter to 17,245 ounces, up from 16,491 ounces a year earlier, due to increased gold production by flotation processing.

It added that copper production in the period doubled year-on-year to 513 tonnes, up from 255 tonnes a year earlier, also due to flotation processing operating throughout the quarter in parallel with gold doré production by leaching.

Anglo Asian also pointed out that a landmark total of 20 metric tonnes of gold equivalent produced by Gedabek since the start of operations in 2009 was achieved during the quarter.

The group said its net cash as at 31 March 2018 totalled US$10.8mln, up from US6.1mln as at 31 December 2018 with gross cash at US$17.7mln as at 31 March 2019, up from US$8.6mln a year earlier.

Excellent Q1 performance

Anglo Asian CEO Reza Vaziri commented: “The first quarter of the year is historically the poorest quarter of the year due to winter weather, so an 11% year-on-year increase, including a doubling of copper production, demonstrates excellent performance.

“I am also very pleased to report that over 20 metric tonnes of gold equivalent have now been produced since the Company started operations at Gedabek in 2009.”

He concluded: “Notably, the Company continues to generate cash with our net cash balance increasing by US$4.4mln despite a US$3mln payment of corporate taxation in the quarter."

In afternoon trading, shares in Anglo Asian Mining were 8.2% higher at 79p.

 -- Adds share price ---

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Wed, 10 Apr 2019 07:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218293/anglo-asian-mining-posts-an-11-rise-in-first-quarter-production-from-the-gedabek-area-in-azerbaijan-218293.html
<![CDATA[RNS press release - Q1 2019 Production and Operations Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190410070001_14035081/ Wed, 10 Apr 2019 07:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190410070001_14035081/ <![CDATA[News - Anglo Asian kick starts 2019 exploration programme at Ordubad, targeting multiple porphyry systems ]]> https://www.proactiveinvestors.co.uk/companies/news/218124/anglo-asian-kick-starts-2019-exploration-programme-at-ordubad-targeting-multiple-porphyry-systems-218124.html Anglo Asian Mining PLC (LON:AAZ) shares gained on Monday as the group announced that it has commenced a US$1.84mln exploration programme at the 462 square kilometre Ordubad project in Azerbaijan.

The programme will include satellite mapping, geological mapping and sampling and around 6,000 metres of core drilling.

WATCH: Anglo Asian Mining publish reserves estimate for the Gadir underground mine

An exploration programme, undertaken last year, combined with old Soviet-era data has led Anglo Asian geologists to believe that Ordubad may contain multiple porphyry mineralisation systems.

"Now that Gedabek production is robust, a well-structured exploration programme to expand our mineral resources pipeline for future production is taking shape,” said Anglo Asian director of geology & mining, Stephen Westhead. “This includes the potentially significant mineral resource wealth of Ordubad. Ordubad has several exciting targets all within a 5-kilometre radius.”

In late morning trading, shares in Anglo Asian Mining were 5% higher at 73p.

 -- Adds share price --

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Mon, 08 Apr 2019 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218124/anglo-asian-kick-starts-2019-exploration-programme-at-ordubad-targeting-multiple-porphyry-systems-218124.html
<![CDATA[RNS press release - Update on the Ordubad Polymetalic Contract Area ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190408070004_14031591/ Mon, 08 Apr 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190408070004_14031591/ <![CDATA[RNS press release - Airborne Geophysical Survey Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190329141837_14021872/ Fri, 29 Mar 2019 14:18:37 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190329141837_14021872/ <![CDATA[News - Anglo Asian confirms at least five years life at Gadir underground mine ]]> https://www.proactiveinvestors.co.uk/companies/news/216454/anglo-asian-confirms-at-least-five-years-life-at-gadir-underground-mine-216454.html Anglo Asian Mining PLC (LON:AAZ) has confirmed its underground gold mine at Gadir in Azerbaijan has sufficient material for at least five years of production.

A JORC-compliant estimate put gold reserves at 70,000 ounces with 300,000 oz of silver and 1,400 tonnes of copper.

The numbers were in line with the company’s own estimates published in February.

Measured and indicated resources, which are not part of the mine life estimate, are an additional 145,000 oz gold and 736,000oz silver, while there were 27,000oz of gold and 104,000oz of silver in the inferred category.

Gadir is a new operation close to the producing Gedabek and Ugur open pits.

Anglo Asian also has an underground mine at Gosha, 50km away from Gedabek.

Key asset

Stephen Westhead, director of geology & mining said: "This maiden resource and ore reserve estimate is for Gadir only and does not include any underground mining resource potential beneath the Gedabek open pit, which is located some 500 metres from the Gadir resource.

“The Gadir property continues to be an important asset of the company and, with it remaining open at depth and along strike, may yield significant further upside to Anglo Asian in the future.”

"The completion of this work provides a strong understanding of the combined production profile of all operating mines, that gives a mine life until end 2024 from the current reserves.

“Importantly, the resources adjacent to these mineral reserves provide the opportunity to be further upgraded for future production.

 “Additionally, exceptional exploration potential exists at not only the Gedabek Contract Area but also at the Ordubad and Gosha Contract Areas, which will be evaluated in due course.”

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Thu, 14 Mar 2019 08:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216454/anglo-asian-confirms-at-least-five-years-life-at-gadir-underground-mine-216454.html
<![CDATA[RNS press release - JORC Mineral Resources and Reserves - Gedabek ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190314070102_14001610/ Thu, 14 Mar 2019 07:01:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190314070102_14001610/ <![CDATA[RNS press release - Maiden JORC Resources and Ore Reserves for Gadir ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190314070012_14001531/ Thu, 14 Mar 2019 07:00:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190314070012_14001531/ <![CDATA[Media files - Anglo Asian Mining publish reserves estimate for the Gadir underground mine ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12377/anglo-asian-mining-publish-reserves-estimate-for-the-gadir-underground-mine-12377.html Wed, 27 Feb 2019 16:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12377/anglo-asian-mining-publish-reserves-estimate-for-the-gadir-underground-mine-12377.html <![CDATA[News - Anglo Asian Mining publish reserves estimate for the Gadir underground mine ]]> https://www.proactiveinvestors.co.uk/companies/news/215197/anglo-asian-mining-publish-reserves-estimate-for-the-gadir-underground-mine-215197.html Anglo Asian Mining PLC (LON:AAZ) has published its mineral resources and ore reserve estimate for its Gadir underground mine in Azerbaijan.

Measured and indicated mineral resources (at a cut-off grade of 0.5 grammes per tonne of gold) clocked in at 1,775 thousand tonnes at a grade of:

2.54 grammes per tonne (g/t) gold containing 145.2 thousand ounces of gold

12.9 g/t silver containing 736.1 thousand ounces of silver

0.21% copper containing 3,295 tonnes of copper

0.84% zinc containing 14,470 tonnes of zinc

READ Anglo Asian Mining on course for another record year

The inferred mineral resources, at a cut-off grade of g/t, totalled 571,000 tonnes at a grade of:

1.48 grammes per tonne gold containing 27.2 thousand ounces of gold

5.68 grammes per tonne silver containing 104.4 thousand ounces of silver

0.1% copper containing 571 tonnes of copper

0.52% zinc containing 2,972 tonnes of zinc

Proved and probable ore reserves (at a cut-off grade of 1.2 grammes per tonne of gold) totalled 797,000 tonnes at a grade of 2.73 grammes per tonne gold containing about 70,000 ounces of gold, 11.86 grammes per tonne silver containing 304 thousand ounces of silver and 0.17% copper containing 1,387 tonnes of copper.

Meet @AAZMining, @WResourcesPlc, @LakePotash & Avation at the Proactive One2One Forum on Thursday 28th February from 6pm. Details and registration below: https://t.co/H4sctP5Znh

— Proactive Investors (@proactive_UK) February 20, 2019

The company also revealed it will declare a minimum final dividend for 2018 of 3 cents (US) a share and a minimum total dividend in respect of 2019 of at least 6 cents.

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Mon, 25 Feb 2019 08:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215197/anglo-asian-mining-publish-reserves-estimate-for-the-gadir-underground-mine-215197.html
<![CDATA[RNS press release - Dividend Guidance & Gadir Resource Estimate ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190225070006_13979566/ Mon, 25 Feb 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190225070006_13979566/ <![CDATA[News - Anglo Asian Mining on course for another record year ]]> https://www.proactiveinvestors.co.uk/companies/news/214162/anglo-asian-mining-on-course-for-another-record-year-214162.html Anglo Asian Mining PLC (LON:AAZ) expects to produce 82-86,000 gold equivalent ounces in 2019, which would be a new record for the junior at the top of the forecast.

Increased copper production will boost output said the Azerbaijani miner, with between 3,100 and 3,300 tonnes forecast or double 2018’s total.

READ: Anglo Asian’s full-year gold production hits the top end of guidance

Gold production will drop to between 65-67,500oz from 72,800oz in 2018.

Reza Vaziri, Anglo Asian's chief executive, said: "2019 will be another year of delivery for Anglo Asian with total metal production of between 82,000 to 86,000 gold equivalent ounces planned by our operations team.

“This demonstrates the sustainability of our business and builds on our record production of 83,736 gold equivalent ounces in 2018.

“The increasing proportion of our production as copper and gold in concentrate also highlights the versatility of our processing operations.”

Results from a helicopter survey over the Gedabek mine licence area and a JORC mineral resource for the underground mine at Gardir should both be released this quarter, Vazeri added.

 

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Thu, 07 Feb 2019 08:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214162/anglo-asian-mining-on-course-for-another-record-year-214162.html
<![CDATA[RNS press release - 2019 Production Guidance ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190207070003_13961017/ Thu, 07 Feb 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190207070003_13961017/ <![CDATA[News - Anglo Asian’s full year gold production hits the top end of guidance ]]> https://www.proactiveinvestors.co.uk/companies/news/212568/anglo-asians-full-year-gold-production-hits-the-top-end-of-guidance-212568.html Anglo Asian Mining PLC (LON:AAZ) produced 83,736 gold equivalent ounces from its mines in Azerbaijan during the year to December 2018, at the upper range of guidance.

The figure represented a 17% year-on-year increase in total production.

READ: Anglo Asian heads higher as confidence in Gedabek licence grows

During the fourth quarter net cash increased by US$3.3mln to US$6.1mln, following the distribution of a US$0.03 per share maiden dividend that was paid in November.

"This has been another excellent quarter which has resulted in Anglo Asian achieving full year production at the upper limit of its guidance of 84,000 gold equivalent ounces,” said chief executive Reza Vaziri.

“The company is actively working towards, and investing in, the future expansion of our various operations and in line with this, Anglo Asian continues to both better define its current resources through publication of JORC resources for its existing mines and to maximise the potential of its current licence areas. In this respect, in the first quarter of 2019 we expect to both release a JORC resource for the existing Gadir underground mine and also publish the results of the helicopter survey.”

 

 

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Tue, 15 Jan 2019 07:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212568/anglo-asians-full-year-gold-production-hits-the-top-end-of-guidance-212568.html
<![CDATA[RNS press release - Q4 and FY 2018 Production and Operations Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190115070006_13934365/ Tue, 15 Jan 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20190115070006_13934365/ <![CDATA[News - Anglo Asian heads higher as confidence in Gedabek licence grows ]]> https://www.proactiveinvestors.co.uk/companies/news/211344/anglo-asian-heads-higher-as-confidence-in-gedabek-licence-grows-211344.html Anglo Asian Mining PLC (LON:AAZ) has more or less tripled in value over the past year as its transformation has become clearer.

A first interim dividend was announced in September since when there has been more good news as production from the company’s clutch of mines in Azerbaijan has continued to rise.

Broker SP Angel believes the share price can go further and expects the firm’s dividend to “nearly double next year”.

Anglo Asian can become “one of the top-yielding precious metals producers on the London market”.

There are several reasons for this price strength, but the central one is that Anglo Asian has been expanding operations and upgrading resources 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.

In September, the firm boosted the total gold and copper resource amount at the Gedabek open pit to just short of 1mln ounces of gold, 63,375 tonnes of copper and 8.2mln ounces of silver.

Within that, the measured and indicated portion rings in at 800,000 ounces of gold, 53,676 tonnes of copper and 6.8mln ounces of silver.

Reserves meanwhile were 343,160oz of gold, 36,011 tonnes of copper and 3.4mln ounces of silver.

That’s about four years worth at current production but it’s not just production and cash flow that has changed for the better, investors are now much more upbeat over the long-term potential.

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 the Gadir and the Gedabek mines also 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

An airborne geophysical survey has also just been completed over the entire Gedabek licence to identify new drilling targets.

The hope is that Anglo Asian will identify more deposits like Gadir and Gosha and that eventually, Gedabek might evolve into a substantial gold mining district.

Even with the strength of the shares over the past year, any evidence that might be the case would propel them to another level entirely suggests the broker.

In addition to the maiden interim dividend, the miner also delivered a 22% year-on-year increase in total production of gold equivalent ounces, swinging to a pre-tax profit of US$8.1mln from a US$1.3mln loss the year before as revenues climbed to US$40mln from US$29.8mln.

Fat margins reflect low production costs

Gold prices helped those numbers, but production costs per ounce also fell 4% to US$543 compared to the same period a year ago.

At the current gold price of US$1,206 per ounce, this translates to a profit of US$663 for every ounce mined.

That margin has helped boost the company’s cash balance to US$12.5mln from US$2.5mln last year and slashing its net debt from US$18.1mln to US$2.9mln.

For the whole of 2018, the company is targeting between 78,000 to 84,000 gold equivalent ounces (GEOs), a 13% increase from 2017.

Whether the larger Gedabek area will yield as much as hoped remains to be seen, but Stephen Westhead, who is the director in charge of geology, recently bought 60,000 shares at a price of 86.3p, which must reflect some confidence in the exploration programme.

According to SP Angel: “We feel a lot of upside potential in the company remains reflecting expected busy news flow on the exploration front focused on both extending known mineralisation at producing deposits as well as an opportunity for a greenfield discovery.”

In October, Anglo added it would hit the upper end of the estimate after a strong third quarter.

At 89p, the company has a market cap of around £103mln.

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Mon, 17 Dec 2018 12:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211344/anglo-asian-heads-higher-as-confidence-in-gedabek-licence-grows-211344.html
<![CDATA[RNS press release - PDMR Dealing ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181127090003_13881665/ Tue, 27 Nov 2018 09:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181127090003_13881665/ <![CDATA[News - Anglo Asian identifies identifies numerous signs of gold and copper from airborne survey at Gedabek ]]> https://www.proactiveinvestors.co.uk/companies/news/209663/anglo-asian-identifies-identifies-numerous-signs-of-gold-and-copper-from-airborne-survey-at-gedabek-209663.html Anglo Asian Mining PLC (LON:AAZ) has identified ‘multiple additional gold and copper occurrences’ from an airborne survey over the 300sq km licence area of the Gedabek mine in Azerbaijan.

Stephen Westhead, Group Director of Geology and Mining said: "Preliminary results from the area surveyed to date show both magnetic and electromagnetic anomalies relating to geological entities at depth.

READ: Anglo Asian declares maiden dividend which could “nearly double next year” says broker

"These will be the focus of future ground-based follow-up work with the aim to identify potential new standalone mines, similar to the Ugur mine, which was brought into production within 12 months of first discovery," said Westhead. 

It is the first helicopter-borne mining survey to be carried out in Azerbaijan, said Anglo Asian with the country’s Ministry of Emergencies providing helicopter services for Geotech, which is conducting the survey.

Now 77% complete, the miner expects to analyse data from the survey and identify targets in the first quarter of next year.

 

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Wed, 21 Nov 2018 09:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209663/anglo-asian-identifies-identifies-numerous-signs-of-gold-and-copper-from-airborne-survey-at-gedabek-209663.html
<![CDATA[RNS press release - Airborne Geophysical Survey Across Gedabek ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181121070002_13874254/ Wed, 21 Nov 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181121070002_13874254/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181101140030_13851838/ Thu, 01 Nov 2018 14:00:30 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181101140030_13851838/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181031183002_13850266/ Wed, 31 Oct 2018 18:30:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181031183002_13850266/ <![CDATA[RNS press release - Payment of interim dividend - sterling amount ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181023070007_13838217/ Tue, 23 Oct 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181023070007_13838217/ <![CDATA[News - Anglo Asian Mining to hit upper end of guidance after strong production quarter ]]> https://www.proactiveinvestors.co.uk/companies/news/206870/anglo-asian-mining-to-hit-upper-end-of-guidance-after-strong-production-quarter-206870.html Azerbaijan - based gold, silver and copper miner Anglo Asian Mining Plc (LON:AAZ) expects production to be at the upper end of guidance following another strong quarter.

Anglo Asian has forecast production this year of between 78,000 to 84,000 gold equivalent ounces.

In the three months to September, production rose by 38% year-on-year and by 28% quarter-on-quarter to 24,400oz gold equivalent.

Total production for the year to date is 61,800oz, up 28%.

Reza Vaziri, chief executive, said: "This has been another excellent quarter for Anglo Asian as copper production restarted from the flotation plant following the commissioning of the second crusher line.

Upper end of guidance

“Given the strong production in the year so far, I am expecting production for the full year to be at the upper end of our guidance.”

 “This is an exciting time for Anglo Asian as we prepare to pay our maiden dividend in November 2018."

Gold production was especially strong over the quarter at almost 21,300oz or 45% ahead a year ago though sale prices dropped by almost US$90 per oz to US$1,216.

Anglo Asian runs three mines in Azerbaijan: Gedabek; Gadir and Gosha.

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Thu, 11 Oct 2018 08:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206870/anglo-asian-mining-to-hit-upper-end-of-guidance-after-strong-production-quarter-206870.html
<![CDATA[RNS press release - Q3 2018 Production and Operations Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181011070004_13824245/ Thu, 11 Oct 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181011070004_13824245/ <![CDATA[RNS press release - Exercise of Share Options and Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181008070003_13819169/ Mon, 08 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20181008070003_13819169/ <![CDATA[Media files - Anglo Asian Mining announces jump in profits and maiden dividend ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10528/anglo-asian-mining-announces-jump-in-profits-and-maiden-dividend-10528.html Wed, 19 Sep 2018 15:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10528/anglo-asian-mining-announces-jump-in-profits-and-maiden-dividend-10528.html <![CDATA[News - Anglo Asian Mining surges as it declares maiden dividend in half year results ]]> https://www.proactiveinvestors.co.uk/companies/news/205205/anglo-asian-mining-surges-as-it-declares-maiden-dividend-in-half-year-results-205205.html Anglo Asian Mining PLC (LON:AAZ) shares surged on Wednesday after the firm declared its maiden dividend amid a jump in profits in its half-year results.

The AIM-listed miner declared an interim dividend of US$0.03 per share as it swung to a pre-tax profit of US$8.1mln from a US$1.3mln loss the year before as revenues climbed to US$40mln from US$29.8mln.

READ: Anglo Asian Mining delivers sizeable boost to reserves and resources at Gedabek

The hefty rise in revenues was attributed to higher production and an increase in the average selling price of metals, with an increase in gold bullion sales to 25,778 ounces at US$1,319 each from 15,689 ounces at US$1,238 each in the year-ago period, offsetting a reduction in sales of copper concentrate, which were down to 2,344 dry metric tonnes (dmt) at US5.9mln from 5,396 dmt at US$10.3mln in the first half of 2017.

The all sustaining cost of production per ounce of gold also fell 4% during the period to US$543 compared to a year ago.

The company also said it had reduced its net debt to US$2.9mln from US$18.1mln previously, while its cash balance rose to US$12.5mln from US$2.5mln last year.

WATCH: Anglo MIning announces maiden dividend

In its outlook, company chairman Khosrow Zamani said its publication of an updated JORC resource for its Gedabek open pit mine, which extended its mine life by around five to six years, as well as the opening of the Ugur mine during the latter part of 2017 and 2018 to date had allowed the firm to “target significantly higher production” for the full year compared to the previous two and was on track to achieve the target.

For the whole of 2018, the company is targeting between 78,000 to 84,000 gold equivalent ounces (GEOs), a 13% increase from 2017.

Shares were up 9.8% at 59.3p.

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Wed, 19 Sep 2018 08:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205205/anglo-asian-mining-surges-as-it-declares-maiden-dividend-in-half-year-results-205205.html
<![CDATA[RNS press release - Interim Results and Maiden Dividend ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180919070001_13795731/ Wed, 19 Sep 2018 07:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180919070001_13795731/ <![CDATA[News - Anglo Asian Mining delivers sizeable boost to reserves and resources at Gedabek ]]> https://www.proactiveinvestors.co.uk/companies/news/205091/anglo-asian-mining-delivers-sizeable-boost-to-reserves-and-resources-at-gedabek-205091.html Anglo Asian Mining Plc (LON:AAZ) has boosted reserves and resources at the Gedabek open pit in Western Azerbaijan.

The total gold and copper resource amount to 985,697 ounces of gold, 63,375 tonnes of copper and 8,171,626 ounces of silver.

WATCH: Anglo Asian Mining 'in extremely good shape' after first-half production boost

The measured and indicated portion rings in at 796,269 ounces of gold, 53,676 tonnes of copper and 6,810,813 ounces of silver, while the proved plus probable reserves contain 343,160 ounces of gold, 36,011 tonnes of copper and 3,457,030 ounces of silver

This latest geological model has identified areas where copper mineralisation remains open. These areas will be subject to further exploration drilling with the objective of increasing resources and reserves.

"I am delighted to announce that, after more than nine years of mining at Gedabek, during which time Anglo Asian has produced over half a million ounces of gold, this latest JORC estimate tells us that the Gedabek ore body still contains a surface accessible resource of almost one million ounces of gold and over ninety thousand tons of copper,” said chief executive Reza Vaziri. 

“This will give us sufficient time to complete our on-going underground explorations to determine the size and quality of the down dip extensions of the Gedabek ore body. In due course, we will have a JORC estimate of the underground resource and reserves to announce, together with a lifetime estimate for the current underground mining operations."

 

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Tue, 18 Sep 2018 07:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205091/anglo-asian-mining-delivers-sizeable-boost-to-reserves-and-resources-at-gedabek-205091.html
<![CDATA[RNS press release - Gedabek Open Pit - JORC Resources and Reserves ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180918070004_13793949/ Tue, 18 Sep 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180918070004_13793949/ <![CDATA[News - Anglo Asian’s exploration work set to boost mine life at Gedabek ]]> https://www.proactiveinvestors.co.uk/companies/news/205001/anglo-asians-exploration-work-set-to-boost-mine-life-at-gedabek-205001.html Recent exploration work undertaken by Anglo Asian Mining Plc (LON:AAZ) at the currently producing Gedabek open-pit gold mine has confirmed the existence of further mineable ores.

Accordingly, an updated resource and reserve estimate classified and reported in accordance with the JORC Code will be published by the end of September 2018. This will confirm a significant extension to the Gedabek mine life.

WATCH: Anglo Asian Mining 'in extremely good shape' after first half production boost

Elsewhere, the company has increased confidence in the short to medium term production profile at the Gadir underground mine, following confirmation of the continuation of the Gadir ore-body down-dip and potentially along strike.

Underground tunnelling at Gadir has confirmed the existence of significant gold grades of over three ounces per tonne (93 gram per tonne).

This means that numerous areas of high-grade mineralisation adjacent to the current Gadir operation have been identified, and a new resource and reserve estimate for Gadir is expected in the fourth quarter of this year.

"The Exploration Programme launched in March of this year set out with the clear aim of replacing mined ounces and extending the current mine life to a target of a 10-year minimum, increasing Anglo Asian's inventory of resources and also creating a pipeline of new areas ripe for exploitation,” said Stephen Westhead, Director of Geology and Mining.

"In addition, our Ordubad contract area continues to provide significant upside potential for Anglo Asian and we are encouraged by the results derived from the geochemical sampling programme underway.” 

 

 

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Mon, 17 Sep 2018 08:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205001/anglo-asians-exploration-work-set-to-boost-mine-life-at-gedabek-205001.html
<![CDATA[RNS press release - H1 Geological Exploration Activities and Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180917070006_13792264/ Mon, 17 Sep 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180917070006_13792264/ <![CDATA[News - Anglo Asian to carry out first comprehensive survey of Gedabek area ]]> https://www.proactiveinvestors.co.uk/companies/news/204804/anglo-asian-to-carry-out-first-comprehensive-survey-of-gedabek-area-204804.html Anglo Asian Mining Plc (LON:AAZ) is to carry out an airborne geophysical survey over its Gedabek contract area in Azerbaijan as it looks to identify a pipeline of new gold and copper targets.

The survey, to be carried out by Canadian firm Geotech Limited, will cover the entire 300 square kilometre area and is expected to begin in the coming weeks.

AIM-quoted Anglo wants to discover new targets in order to enhance its production profile. The company is currently forecasting 2018 production of between 74,000 and 84,000 gold equivalent ounces.

It has proven in the past that it can move quickly from first discovery through to production, as shown by the Ugur open pit mine which took 11 months from discovery to gold pour.

“This is the first comprehensive survey not only of the entire Gedabek site but is the first of its type to be carried out in Azerbaijan,” said director of geology and mining Stephen Westhead.

“It is an important milestone in realising Gedabek's significant mineralisation potential. We are already aware of many gold and copper mineral occurrences at Gedabek, and this survey should provide information on mineralisation trends at depth, thus allowing for focused future ground-based follow-up work.”

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Thu, 13 Sep 2018 08:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204804/anglo-asian-to-carry-out-first-comprehensive-survey-of-gedabek-area-204804.html
<![CDATA[RNS press release - Airborne Geophysical Survey at Gedabek ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180913070002_13788853/ Thu, 13 Sep 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180913070002_13788853/ <![CDATA[News - Anglo Asian Mining moves into net cash position as production climbs ]]> https://www.proactiveinvestors.co.uk/companies/news/204327/anglo-asian-mining-moves-into-net-cash-position-as-production-climbs-204327.html Azerbaijan-based gold and copper miner Anglo Asian Mining Plc (LON:AAZ) has moved into a net cash position after a period of strongly rising production from its three mines.

At the end of 2015, Anglo Asian had a debt of US$49mln, but confirmed yesterday it had paid all of this down and now has a positive bank balance. Earlier this year the miner said it would a pay a dividend soon due to the improvement in its financial position.

READ: Anglo Asian clears regulatory hurdle to pave way for future dividend payments

Anglo Asian has forecast production growth forecast in 2018 to between 78-84,000oz gold equivalent (2017: 71,000oz GE).

Broker SP Angel says with all-in-costs of $681/oz in the bottom quartile among producers this should translate into US$36mlm of underlying profits and US$23mln of free cash generation.

Investors interested in hearing the Anglo Asian story first hand can hear an update tonight at Proactive Investors’ One2One forum in Mayfair, London.

Bill Morgan, chief financial officer, is will talk about recent progress and plans for exploration in the surrounding area at the Chesterfield Hotel from 6pm.

Please find registration details here: https://tinyurl.com/cnvylqv 

 

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Thu, 06 Sep 2018 09:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204327/anglo-asian-mining-moves-into-net-cash-position-as-production-climbs-204327.html
<![CDATA[RNS press release - Corporate Presentation and Net Cash ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180905093002_13779553/ Wed, 05 Sep 2018 09:30:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180905093002_13779553/ <![CDATA[RNS press release - Technical Presentation and Paper ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180903113002_13776629/ Mon, 03 Sep 2018 11:30:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180903113002_13776629/ <![CDATA[News - Anglo Asian clears regulatory hurdle to pave way for future dividend payments ]]> https://www.proactiveinvestors.co.uk/companies/news/203775/anglo-asian-clears-regulatory-hurdle-to-pave-way-for-future-dividend-payments-203775.html Anglo Asian Mining Plc (LON:AAZ) has cleared a regulatory hurdle which will allow the gold, copper and silver miner to start paying a dividend.

At June’s annual general meeting, chief executive Reza Vaziri said the board was considering paying a maiden dividend.

READ: Dividend plan underlines confidence at Anglo Asian

To do this though, it needed to cancel its share premium account to create distributable reserves.

Shareholders agreed to this at the AGM but a court also had to give its approval, which Anglo Asian has now received.

“The capital reduction will enhance the company's ability to pay dividends to shareholders in the future, as the amount standing to the credit of the company's share premium account which has been cancelled, will be transferred to distributable reserves,” read Wednesday morning’s statement.

Anglo shares rose 2.1% to 43.4p in early deals on Wednesday.

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Wed, 29 Aug 2018 09:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203775/anglo-asian-clears-regulatory-hurdle-to-pave-way-for-future-dividend-payments-203775.html
<![CDATA[RNS press release - Approval of Capital Reduction by the Court ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180829083004_13771101/ Wed, 29 Aug 2018 08:30:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180829083004_13771101/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180731070005_13736809/ Tue, 31 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180731070005_13736809/