Proactiveinvestors United Kingdom Anglo Asian Mining PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Anglo Asian Mining PLC RSS feed en Fri, 14 Dec 2018 03:00:09 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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/ <![CDATA[RNS press release - Result of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180730113001_13736060/ Mon, 30 Jul 2018 11:30:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180730113001_13736060/ <![CDATA[RNS press release - Exercise of Share Options and Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180719170902_13724796/ Thu, 19 Jul 2018 17:09:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180719170902_13724796/ <![CDATA[Media files - Anglo Asian Mining 'in extremely good shape' after first half production boost ]]> https://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 https://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 ]]> https://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 https://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 ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180717070007_13719880/ Tue, 17 Jul 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180717070007_13719880/ <![CDATA[RNS press release - Posting of Circular and Notice of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180713100004_13717100/ Fri, 13 Jul 2018 10:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180713100004_13717100/ <![CDATA[RNS press release - PDMR Exercise of Share Options and Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180705110003_13707123/ Thu, 05 Jul 2018 11:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180705110003_13707123/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180629161501_13700133/ Fri, 29 Jun 2018 16:15:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180629161501_13700133/ <![CDATA[News - Anglo Asian Mining says “2017 was a year of delivery” ]]> https://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 https://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 ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180629070003_13698399/ Fri, 29 Jun 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180629070003_13698399/ <![CDATA[News - Anglo Asian declares maiden dividend which could “nearly double next year” says broker ]]> https://www.proactiveinvestors.co.uk/companies/news/199343/anglo-asian-declares-maiden-dividend-which-could-nearly-double-next-year-says-broker-199343.html Anglo Asian Mining Plc’s (LON:AAZ) half-year results saw the declaration of its maiden dividend following a swing to profit, but broker SP Angel thinks it will go further, saying the firm’s dividend could “nearly double next year”.

Based on previously released commodity price and production assumptions, the broker added that Anglo Asian could be “one of the top-yielding precious metals producers on the London market”.

READ: Anglo Asian Mining to hit upper end of guidance after strong production quarter

The fact that shares in the AIM-listed group have risen over 85% since January, boosted by a jump following the latest results, suggests investors may share SP Angel’s optimism.

If the broker, which has a price target of 84p on the stock, continues to reflect market sentiment there could be much more coming for Anglo’s shareholders.

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 985,697 ounces of gold, 63,375 tonnes of copper and 8.2mln ounces of silver.

The measured and indicated portion rings in at 796,269 ounces of gold, 53,676 tonnes of copper and 6.8mln ounces of silver, while the proved plus probable reserves contain 343,160 ounces of gold, 36,011 tonnes of copper and 3.4mln ounces of silver.

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 also underway with some 600 metres of tunnelling completed in July.

This work 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

In addition to the maiden 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.

The hefty rise in revenues was attributed to higher production and an increase in the average selling price of metals, with gold bullion sales reaching 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% 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.

However, the company has moved into a net cash position since the end of the reporting period, allowing it to declare the maiden dividend payment of US$0.03 per share.

Anglo also says under its new dividend policy it will aim to distribute around 25% of its free cash flow to shareholders each year.

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

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

At 61.5p, Anglo Asian has a market cap of around £67.4mln.

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Thu, 21 Jun 2018 15:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199343/anglo-asian-declares-maiden-dividend-which-could-nearly-double-next-year-says-broker-199343.html
<![CDATA[RNS press release - Notice of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180607093005_13670768/ Thu, 07 Jun 2018 09:30:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180607093005_13670768/ <![CDATA[Media files - Anglo Asian Mining posts profit for 2017 and cuts net debt ]]> https://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 https://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 ]]> https://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 https://www.proactiveinvestors.co.uk/companies/news/197614/anglo-asian-mining-forecasts-sizeable-production-uplift-in-2018-197614.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180524070006_13653128/ Thu, 24 May 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180524070006_13653128/ <![CDATA[RNS press release - New Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180503111638_13628930/ Thu, 03 May 2018 11:16:38 +0100 https://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 ]]> https://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 https://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 ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180416072502_13604794/ Mon, 16 Apr 2018 07:25:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180416072502_13604794/ <![CDATA[RNS press release - Repayment of Director Loan ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180403120002_13589547/ Tue, 03 Apr 2018 12:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180403120002_13589547/ <![CDATA[News - Anglo Asian Mining briefs investors on 2017 field campaign ]]> https://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 https://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 ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180326090002_13580779/ Mon, 26 Mar 2018 09:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180326090002_13580779/ <![CDATA[Media files - Anglo Asian Mining outlines three year exploration programme ]]> https://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 https://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 ]]> https://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 https://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 ]]> https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180313070002_13564092/ Tue, 13 Mar 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/62/LSE20180313070002_13564092/ <![CDATA[Media files - Anglo Asian Mining to accelerate 2018 expansion plans after debt refinancing ]]> https://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 https://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 ]]> https://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 https://www.proactiveinvestors.co.uk/companies/news/191489/anglo-asian-refinances-debt-with-new-us15mln-facility-191489.html