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Anglo Asian Mining CEO says new exploration discoveries have potential to “significantly increase” production and mine life

The company also said a JORC code update of the resources and reserves for three producing mines at its Gedabek project is underway and expected to complete in the third quarter of 2020

Anglo Asian Mining PLC - Anglo Asian CEO says new exploration discoveries have potential to “significantly increase” production and mine life

Anglo Asian Mining PLC (LON:AAZ) chief executive, Reza Vaziri has said five new exploration discoveries at the company’s projects in Azerbaijan have the potential to “significantly increase the production and mine life” of the company.

In a strategy update, the AIM-listed firm said it was now focused on fast-tracking these five discoveries into production, adding that gold and copper mineralisation existed on or near the surface for each discovery giving “good potential for mine development”, with production anticipated from 2022 onwards.

WATCH: Anglo Asian Mining increases final 2019 dividend as it announces record revenues

Meanwhile, Anglo said near-mine exploration to prolong the lives of its Gedabek and Gosha was continuing, with a JORC code update of the resources and reserves for all three producing mines at Gedabek is underway with completion expected in the third quarter of 2020.

The firm added that it is considering “any suitable opportunities, both inside and outside Azerbaijan”, that it believes will enhance shareholder value.

"I am delighted to present this strategic update detailing our exploration and growth strategy, which clearly demonstrates the considerable potential for extending mine life and increasing production from our existing assets”, Vaziri said in the update.

“We have developed extensive work programmes for each of these [five discovery] projects and this work will be a key focus for the company in the near to medium term".

"This current plan demonstrates our confidence in the abundant resource base of the Company, which we believe will continue to generate significant shareholder value", he added.

The company’s shares were 0.9% higher at 143.3p in early trading on Thursday.

Quick facts: Anglo Asian Mining PLC

Price: 127 GBX

AIM:AAZ
Market: AIM
Market Cap: £145.28 m
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Anglo Asian Mining present at the Proactive One2One Virtual Forum

Anglo Asian Mining's CFO Bill Morgan and Stephen Westhead, Director of Geology & Mining, present at the Proactive One2One Virtual Forum. Anglo Asian Mining PLC is quoted on AIM (ticker – AAZ) and has a portfolio of gold, copper and silver production and exploration assets in Azerbaijan....

on 2/10/20

2 min read