Anglo Asian Mining buoyed by rising metal prices
Last updated: 07:42 13 Mar 2024 GMT, First published: 11:17 18 Feb 2021 GMT
Snapshot
- Anglo Asian Mining sets up sustainability committee after tailings review
- Anglo Asian’s safety commitments reflect well on group - analyst
- Anglo Asian Mining expecting to ride the "copper electrification wave"
About the company
Anglo Asian Mining PLC is a gold, copper and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan
The company produced 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022.
How it is doing
Azerbaijan-based Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it has as established a Sustainability Committee, to be chaired by John Monhemius.
The committee is part of a commitment to responsible mining practices said the gold and copper miner and will oversee the development of strategy and activities related to sustainable development and social responsibility.
In a statement, Anglo Asian said establishing the committee reflects its dedication to operational safety, sustainable practices, environmental stewardship and community engagement.
As well as Monhemius, the sustainability committee will comprise William Morgan, Stephen Westhead, Farhang Hedjazi, Tarkan Yazici and Aynur Atayeva.
Anglo Asian Mining said its Xarxar copper deposit in Azerbaijan contains 24.9 million tonnes of mineralisation with average grades of 0.48% copper as it published a maiden JORC-compliant resource for the deposit.
Of this, 22 million tonnes of mineralisation containing 106,000 tonnes of copper are in the Measured plus Indicated JORC categories.
Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said drilling at the Xarxar prospect in Azerbaijan has confirmed a significant quantity of copper mineralisation that will be included in a forthcoming resource estimate for the deposit.
Surface drill holes intercepted significant high-grade and continuous grades of copper mineralisation, with intercepts of continuous copper for up to 380 metres, said the statement.
What the brokers say
Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF)’s commitment to the Global Industry Standard on Tailings Management is a positive step in light of past disasters unconnected to Anglo Asian, such as Vale’s Corrego de Feijao mine collapse in Brazil, said analysts at stockbroker SP Angel.
Led by the Church of England Pensions Board and the Swedish Council on Ethics, the GIS on Tailing Management was a response to the mine collapse, which resulted in the deaths of 270 people.
SP Angel noted that Anglo Asian’s existing tailings dam, part of the Gedabek gold and copper mine, has passed thorough checks and audits by three leading international consultancies.
What management says
Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) CFO Bill Morgan speaks to Proactive's Thomas Warner following the release of a flurry of updates this week.
Morgan gives an update about how the gold, copper and silver producer has been performing at its various projects, saying that the business is confident it can "ride the copper electrification wave that's coming along."