Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it made progress in 2023 despite the disruption caused by the suspension of the mine at Gedabek in Azerbaijan in 2023.
"2023 was an important year for Anglo Asian in pursuit of our medium-term growth strategy", said Reza Vaziri, chief executive. “We made considerable progress across our assets under development and confirmed significant resources at our Gilar, Xarxar and Garadag mineral deposits.”
Results for the year reflected the production halt at Gedabek due to local concerns about raising the height of the tailings dam at the gold and copper mine.
Revenues in the tear to December 2023 dropped to US$45.9 million from US$84.7 million as ounces sold halved US$20 million a year earlier, while losses climbed to US$32 million including an US$18 million impairment charge.
Net debt at the year-end was US$10.3 million against a cash position of US$20 million.
Anglo Asian said it is hopeful that permission to raise the wall of the tailings dam will be granted shortly following extensive studies.
The miner added that with Zafar, Gilar and Xarxar prospects, it now has a total of JORC standard mineral resources of over 200,000 tonnes of copper and 328,000 ounces of gold,
Garadag meanwhile contains a non-JORC resource of over 324,000 tonnes of copper, with a JORC mineral resource due to be published later in 2024.
“Gilar is due to commence production this year and the group remains focused on bringing Xarxar into production in the next 2 to 3 years. Garadag is planned to enter production in 2028,” said the statement.
Vaziri added" "I remain confident that the future is bright for Anglo Asian Mining, underpinned by a strong portfolio of assets."