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Anglo Asian Mining - British Ambassador to Azerbaijan visits Gedabek

RNS Number : 2245O
Anglo Asian Mining PLC
01 October 2019
 

 

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

 

01 October 2019

 

Anglo Asian Mining plc

British Ambassador to Azerbaijan visits Gedabek

 

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that representatives of the British Embassy in Azerbaijan recently visited the Company's Gedabek gold, copper and silver mine. A presentation was made to the recently appointed British Ambassador to Azerbaijan, Mr. James Sharp.

 

Anglo Asian Mining is the largest mining investor in Azerbaijan, the second largest British investor in Azerbaijan (after British Petroleum) and the only London Stock Exchange listed business which operates exclusively in Azerbaijan. During the visit, ongoing and future business relations between British companies and Azerbaijan International Mining Company, the wholly owned subsidiary of Anglo Asian Mining, which operates the mining and processing facilities in Azerbaijan were discussed.

 

Following the presentation to the representatives of the British Embassy in Azerbaijan which included presenting the many corporate social responsibility projects in the local community and the Company's contribution to the Azerbaijan economy, the delegation was given a tour of the Gedabek contract area mines (Gedabek open pit, Ugur open pit and  Gadir underground mine) and processing facilities.

 

Anglo Asian CEO Reza Vaziri commented: "It was a great pleasure to host the British Ambassador and his colleagues at the Gedabek mine site. We look forward to continuing our excellent relationship with the British Embassy with a view to further contributing to the ongoing mutual benefit of the association between Britain and Azerbaijan."

 

*ENDS**

 

For further information please visit www.angloasianmining.com or contact:

 

Reza Vaziri

Anglo Asian Mining plc

Tel: +994 12 596 3350

Bill Morgan

Anglo Asian Mining plc

Tel: +994 502 910 400

Stephen Westhead

Anglo Asian Mining plc

Tel: +994 502 916 894

Ewan Leggat

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel: +44 (0) 20 3470 0470

Soltan Tagiev

SP Angel Corporate Finance LLP

Tel + 44 (0) 20 3470 0470

Camilla Horsfall

Blytheweigh Financial

Tel: +44 (0) 20 7138 3224

Megan Ray

Blytheweigh Financial

Tel: +44 (0) 20 7138 3224

 

Notes:

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.

The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the Lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009. Mining at Gedabek was initially from its main open pit, which is an open cast mine with a series of interconnected pits.

The Company also operates the high grade Gadir underground mine, which is co-located  at  the  Gedabek  site.  In September 2017, production commenced at the Ugur open pit mine, a recently discovered gold ore deposit at Gedabek. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.

The Company produced 83,736 gold equivalent ounces ('GEOs') for the year ended 31 December 2018. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies. The Company produces gold dore through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant. A second dedicated crusher line has been commissioned and is now in operation for the flotation plant to enable it to operate independently of, and in parallel with, the agitation leaching plant.

The Company has forecast metal production for FY 2019 of between 82,000 to 86,000 GEOs for the year ending 31 December 2019.

Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.

 


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