REG - Anglo Asian Mining - Annual General Meeting Statement

Anglo Asian MiningAnnouncement

20/06/2024 07:00

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RNS Number : 1293T  Anglo Asian Mining PLC  20 June 2024

20 June 2024

Anglo Asian Mining plc

Annual General Meeting Statement

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM-listed gold,
copper and silver producer focused on Azerbaijan, is holding its annual
general meeting at 11.00 am today at 33 St James' Square, London, SW1Y 4JS. At
the meeting Reza Vaziri, Anglo Asian President and Chief Executive, will make
the following statement:

"2023 began on a high note with the successful publication in March of our
strategic growth plan to transition the Company to mid-tier production status
with a focus on copper as well as and production targets being met. However,
the social unrest at the tailings dam in July resulted in our agitation
leaching and flotation processing being suspended from August till the end of
the year. Production was maintained throughout the year from heap leaching and
SART processing, which do not produce tailings.

The Micon International report, following their environmental audit in July,
confirmed our operations were operating well within international
environmental guidelines. Permission to restart our operations was given in
September, which was a major achievement. The audit has strengthened the
Company's environmental credentials. We have further bolstered our ESG
commitments by forming a sustainability committee in early 2024 and committing
to implement the best practice Global Industry Standard on Tailings Management
at our operations in Gedabek.

Production in 2023 was expected to be lower due to mining from our legacy open
pit and underground mines. The partial suspension of processing also
materially impacted our full year production which was 31,821 gold equivalent
ounces. Revenues were 46 million dollars and our loss before taxation was 32
million dollars. The loss included non-cash impairment charges for Libero of 5
million dollars and 13 million dollars for geological exploration. We ended
the year with net debt of 10.3 million dollars.

The Company continued to lay the foundations for future growth during the
year. We published JORC resources for Gilar deposit and a final JORC resource
for Zafar. In early 2024, we also published a JORC resource for Xarxar and are
on track to complete a JORC resource for Garadag this year. These resources
together mean the Company now has a substantial resource base of over 500,000
tonnes of copper and 400,000 ounces of gold. 2024 as the saw operations at our
new Gilar mine commencing along with taking delivery of a Caterpillar
underground mining fleet.

The last 12 months have obviously been challenging, but this period is now
largely behind us. The resilience displayed during this time is a testament to
the strength of the business. We look forward to shortly resuming full
production from agitation and flotation processing. Our growth strategy to
become a mid-tier producer with a portfolio dominated by copper within the
next five years remains intact, although recent events have likely set us back
by approximately 6 to 12 months.

I would like to take this opportunity to thank my fellow board members, our
management team, our employees and contractors for their hard work and
dedication, and our shareholders for their ongoing support."

 

 For further information please contact:

 Anglo Asian Mining plc
 Reza Vaziri, Chief Executive Officer                            Tel: +994 12 596 3350
 Bill Morgan, Chief Financial Officer                            Tel: +994 502 910 400
 Stephen Westhead, Vice President                                Tel: +994 502 916 894

 SP Angel Corporate Finance LLP (Nominated Adviser and Broker)   Tel: +44 (0) 20 3470 0470

 Ewan Leggat

 Adam Cowl

 Hudson Sandler (Financial PR)                                   Tel: +44 (0) 20 7796 4133

 Charlie Jack

 Harry Griffiths

 

About Anglo Asian Mining

Anglo Asian Mining plc (AIM:AAZ) 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.

On 30 March 2023, the Company published its strategic plan for growth which
shows a clearly defined path for the Company to transition to a multi-asset,
mid-tier copper and gold producer by 2028. By 2028, copper will be the
principal product of the Company, with forecast production of around 36,000
copper equivalent tonnes. It plans to achieve this growth by bringing into
production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and
Garadag.

The Company owns approximately 19.8 per cent. of Libero Copper & Gold
Corporation ("Libero"). Libero is listed on the TSX Venture
Exchange in Canada and owns, or has the option to acquire, several copper
exploration properties in North and South America, including Mocoa
in Colombia, one of the world's largest undeveloped copper-molybdenum
resources.

https://www.angloasianmining.com/ (https://www.angloasianmining.com/)

 

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