Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said the development of new mines and exploration work has been progressing well at a number of its sites in Azerbaijan.
The AIM-listed company said it was making “excellent” progress on the development of its future new mines: Zafar, Gilar and Vejnaly. It expects these mines to provide copper and gold production for at least the next four to five years until an anticipated major ramp up of copper production from Garadagh, a recent concession, begins.
The gold, copper and silver producer said it was “well underway” in evaluating the data received on its new XarXar and Garadagh concessions, which the company said it believes hold massive potential and which will underpin its ability to transform to mid-tier production status.
“All these deposits provide future resources to extend mid-term production,” said Anglo Asian vice-president Stephen Westhead.
“Garadagh hosting a Soviet classified resource of over 300,000 tonnes of in-situ copper provides the longer-term major copper potential.”
Anglo Asian produced 64,610 gold equivalent ounces in 2021.