Anglo Asian Mining PLC's (AIM:AAZ, OTC:AGXKF) subsidiary, AIMC, has received technical and environmental approval from the Government of Azerbaijan for a final raise of its tailings dam wall.
The project will increase the height of the wall by 7 meters in two stages, with the first 2.5-meter upgrade expected to be completed three months after obtaining permission.
AIMC submitted its documentation in March, and the Ministry of Emergency Situations confirmed the stability and suitability of the dam wall for the raise. The Ministry of Ecology and Natural Resources provided a positive environmental report on June 11.
These sign-offs mark the completion of technical requirements for the tailings dam wall raise. The 'expert opinion' and environmental report will be submitted to the State Committee on Urban Planning and Architecture of Azerbaijan and local Gedabek authorities for formal construction approval, expected to be finalised shortly.
"We are not expecting the final administrative formalities required before the permission is issued to take very long," said Anglo Asian CEO Reza Vaziri.
"This achievement marks another significant milestone for Anglo Asian in its return to normalised trading. With an exciting portfolio of development assets, we remain committed to our growth strategy of transitioning to a mid-tier miner and generating significant value for all of our stakeholders."
Anglo Asian Mining said it will update production guidance in due course. The company remains focused on advancing its development portfolio, with the new Gilar mine projected to begin production in the fourth quarter.