Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it is waiting for permission to restart full operations at its Gedabek gold and copper mine in western Azerbaijan but expects approval to be issued shortly.
The miner wants to raise the tailings dam wall at Gedabek and the mine has been partially shut down until approval comes through.
All necessary documents were submitted by 14 March.
Reza Vaziri, chief executive, commented: “We await Government permission to raise our tailings dam wall, a necessary step for resuming normal production levels and our ability to issue production guidance for the year.
“We anticipate the permit will be issued shortly and this will enable us to take advantage of the current strong metal prices for the benefit of all our stakeholders".
Permission will enable the resumption of normalised production at Gedabek at which time Anglo said it will issue guidance for 2024.
First production from the new Gilar mine is now planned for the fourth quarter of 2024.
Heap leach operations are continuing at Gedabek and total production amounted to 2,548 equivalent ounces of gold in the three months to March against 10,969oz a year ago.
Total gold bullion sales were 3,925 ounces at an average of $2,080 per ounce (Q1 2023: 5,719 ounces at an average of $1,895 per ounce).
Net debt rose slightly to US$10.9 million after a cash outflow of US$0.7 million while inventory is valued at $2 million.