REG - Anglo Asian Mining - Tailings Dam Authorisation & Restart of Operations

Anglo Asian MiningAnnouncement

05/08/2024 15:45

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RNS Number : 2397Z  Anglo Asian Mining PLC  05 August 2024

5 August 2024

 

Anglo Asian Mining PLC

Tailings Dam raise Authorisation and Restart of Operations

 

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan, is pleased to announce that
its subsidiary, Azerbaijan International Mining Company Limited ("AIMC"), has
received authorisation from the Government of Azerbaijan to raise the wall of
its tailings dam.

 

On 5 August 2024, AIMC received authorisation from the Government of
Azerbaijan to raise the wall of its existing tailings dam. Confirmation was
also received that the construction work will comply with all health and
safety requirements. Work on raising the tailings dam wall will start
immediately. Resources are now being mobilised to restart production from the
Company's agitation and flotation processing plants which is expected to take
up to one week. An update will be provided in due course.

 

As previously stated, Anglo Asian will provide an update on production
guidance for the year in due course. The Company continues to prioritise the
progression of its development portfolio, with the new Gilar mine expected to
enter production in Q4 2024.

 

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

"We are delighted to have finally received authorisation from the Government
of Azerbaijan to raise the tailings dam wall and work on its construction will
start immediately. The authorisation of this tailings dam wall raise involved
substantial work by both external consultants and other companies and the
Government of Azerbaijan. I would like to whole-heartedly thank all of the
parties involved.

 

"We have also started mobilising resources to restart flotation and agitation
leaching processing and expect to recommence full production in approximately
one week. This marks the end of a year-long disruption, and we look forward to
normalising production. We also look forward to making swift progress on our
strategic growth plan to transition to a multi-asset, mid-tier primarily
copper producer by 2028."

 

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/)

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