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Anglo Asian Mining PLC

Anglo Asian Mining keeps pushing higher as momentum builds in Azerbaijan

Snapshot

Exploration could turn Anglo Asian's ground into a mining camp

Gold

Quick facts: Anglo Asian Mining PLC

Price: £1.60

Market: AIM
Market Cap: £183.03 m
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  • Successful track record of production

  • Spread of commodity risk through copper, gold and silver

  • Directors hold signficant stakes

  • Exploration could turn Anglo Asian's ground into a mining camp

 

How is it doing?

Anglo Asian’s (LON:AAZ) full year full year guidance is for production of between 82,000 and 86,000 gold equivalent ounces.

If it manages to hit the top end of that range it will beat the previous annual production record, set in the full year to 2018, of 83,736 gold equivalent ounces.

First half production was 2019 production was 39,905 GEOs, up 7% year-on-year.

On the exploration front, about US$1.8mln has been earmarked this year for the Ordubad contract area, a 462 square kilometre exploration project that may contain multiple mineralised porphyry systems.

Porphyries tend to be rich, and tend to occur in clusters, so there’s a very real possibility that this year’s exploration programme could be transformative for Anglo Asian.

Separately, exploration around the wider Gedabek region is also underway, with a recent airborne survey having identified 25 potential new porphyry targets.

In August, the company noted report that Azerbaijan’s Ministry of Economy has appointed a consultant to advise on a 'possible transaction'.

The report said the consultant would advise the ministry about a transaction with RV Investment Group Services, an Anglo subsidiary that holds the production sharing agreement with the Government of Azerbaijan that dates back to 20 August 1997.

 

What the boss says: Bill Morgan, finance director

“Exploration at the Gedabek, Gosha and Ordubad Contract Areas has delivered very positive results and he is excited about the potential to increase future reserves and grow the production outlook.”

Video

Inflection points

  • Details about possible transaction with Azerbaijan government
  • Hits production 2019 guidance
  • Gets full benefit of strong gold price
  • Exploration boosts resources across its three mines

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Anglo Asian Mining on course to meet full year production target after...

Anglo Asian Mining PLC's (LON:AAZ) Bill Morgan tells Proactive London's Andrew Scott they're on track to meet its production target for the year after a strong first half of output. The Azerbaijan-focused miner achieved total production of 39,905 gold equivalent ounces (GEO) in the six months...

1 day, 5 hours ago

2 min read