REG - Anglo Asian Mining - Full Year 2024 Production Guidance

Anglo Asian MiningAnnouncement

22/08/2024 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240822:nRSV3270Ba&default-theme=true

RNS Number : 3270B  Anglo Asian Mining PLC  22 August 2024

 

22 August 2024

Anglo Asian Mining PLC

Full Year 2024 Production Guidance

 

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan, announces its production
guidance for the full year 2024 ("FY 2024") after receiving authorisation on 5
August to raise the wall of its tailings dam. The Company is forecasting
production of between 15,000 and 19,500 gold equivalent ounces ("GEOs")
comprising 250 to 850 tonnes of copper and 14,000 to 16,000 ounces of gold.

 

FY 2024 production guidance is as follows:

 

 Metal    Full year 2024
          Production Guidance*
 Gold     14,000 to 16,000 ounces
 Copper   250 to 850 tonnes
 Total**  15,000 to 19,500 GEOs

 

*     The Company does not forecast silver production as it is not
material.

**  The gold equivalent ounces have been computed using actual metal prices
for the 7 months of January to July 2024 and a gold price of $2,500 per ounce
and a copper price of $8,900 per tonne for the 5 months of August to December
2024.

 

The raise of the tailings dam wall commenced immediately upon receipt of
authorisation. The work is progressing well, and the Company anticipates that
the first raise of 2.5 metres will be completed within 3 months.

 

The agitation leaching plant has undergone extensive renovation and
refurbishment during the last 12 months. In preparation for restarting
production, the Company has undertaken cold commissioning of the plant using
water for testing and has rectified all minor leaks. All crushing and grinding
equipment has also been subject to extensive maintenance and is fully
operational.

 

The Company expects the agitation leaching plant will be ready for full
production and will restart in mid-September, initially processing 97,000
tonnes of stockpiled ore. The flotation plant will restart in November on an
independent basis using fresh ore from the existing open pit.

 

The Company expects the first ore to be mined from Gilar in December, with the
planned extraction and processing of approximately 35,000 to 40,000 tonnes of
ore grading 1.6 grammes of gold per tonne and 2 per cent copper in the month.
To treat Gilar ore, processing will be reconfigured and the agitation leaching
plant will initially process Gilar ore with further processing of its tailings
by flotation to produce copper.

 

Reza Vaziri, Chief Executive Officer of Anglo Asian Mining commented:

"We are pleased to provide guidance for this year of between 15,000 and 19,500
gold equivalent ounces as we return to full production and regular operations
after receiving authorisation to raise the tailings dam wall. The tailings dam
wall raise is progressing well, and we expect the first stage to be completed
within the next three months.

 

"We have used well this period of a partial shut-down of production. In
addition to extensive overhaul and refurbishment of our existing processing
operations, we have completed extensive preparatory work that will enable us
to deliver our strategic growth plan to become a multi-asset, mid-tier
primarily copper producer. I look forward to keeping you updated on our
progress in the weeks and months ahead."

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014, which was incorporated into UK law by the European
Union (Withdrawal) Act 2018, until the release of this announcement.

 

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 31,821 gold equivalent ounces ("GEOs") for the year
ended 31 December 2023.

 

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 which time 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 the period 2024 to 2028 at Zafar, Gilar,
Xarxar and Garadag.

 

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCQKDBNABKDDFB