Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said the problems stemming from its tailings dam expansion plans at the Gedabek mine in Azerbaijan were ‘largely behind it’ in a statement ahead of its AGM.
The miner had to suspend production and bring in an independent consultant to audit its tailings operations following social unrest over the plans but now expects full agitation and flotation processing at the mine to resume shortly.
Anglo Asian noted that during the 2023 financial year year it published JORC resources for the Gilar deposit and a final JORC resource for Zafar, while in early 2024, it also published a JORC resource for Xarxar and is on track to complete a JORC resource for Garadag this year.
Added together, that gives it a resource base of over 500,000 tonnes of copper and 400,000 ounces of gold, Anglo Asian said.
The new mine at Gilar also commenced operations.
In the statement, Anglo Asian added: “The last 12 months have obviously been challenging, but this period is now largely behind us.
“Our growth strategy to become a mid-tier producer with a portfolio dominated by copper within the next five years remains intact, although recent events have likely set us back by approximately 6 to 12 months.”