Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it secured parliamentary ratification for three new contract areas in Azerbaijan, with a combined area of 882km2, in a transformational amendment to its production sharing agreement.
The parliamentary ratification was signed into law yesterday by the country’s president.
"On behalf of everyone at Anglo Asian, I am delighted to have received this parliamentary ratification which legally grants us the three new contract areas the company was awarded in September 2021,” said Anglo Asian chief executive Reza Vaziri.
“The significance of these acquisitions cannot be overstated, adding considerable mineralisation to our asset base and revolutionising our portfolio.”
The AIM-traded company said it made no payment for the acquisition of the three new contract areas: Garadagh, Xarxar and Demirli.
It now has eight contract areas in Azerbaijan, covering a total area of 2,544km2.
Anglo Asian said the new assets present an opportunity for the company to evolve from predominantly gold producing status to one that is predominantly copper with the Garadagh porphyry deposit alone containing more than 300,000 tonnes of copper.
The company said it will soon receive all of the available geological data regarding the new assets, which it will then review before deciding its development strategy.
"These new contract areas provide Anglo Asian with a pathway to achieving our ambition of becoming a mid-tier mining company,” said Vaziri.