REG - Anglo Asian Mining - Tailings dam wall raise

Anglo Asian MiningAnnouncement

12/06/2024 07:15

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RNS Number : 1133S  Anglo Asian Mining PLC  12 June 2024

 

12 June 2024

 

Anglo Asian Mining plc

Tailings dam wall raise

Receipt of technical approval and a positive environmental report

 

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 technical confirmation and a positive environmental report from the
Government of Azerbaijan (the "Government") that its tailing dam wall is
suitable for a final raise. The permission to begin construction is subject to
certain administrative formalities by the Government which are expected to be
completed shortly.

 

As previously announced, the Company has applied for Government permission to
raise the wall of its existing tailings dam which is almost full. A further
7.0 metre raise will be carried out, taking the wall to its final design
height. The raise will be carried out in two stages, with the first raise of
2.5 metres completed approximately three months after permission is obtained.

 

Having submitted all necessary documents in March 2024, the Ministry of
Emergency Situations, the competent authority in Azerbaijan, has now confirmed
to AIMC that the wall of its existing tailings dam is stable and is suitable
for the proposed wall raise (the "Expert Opinion"). It also approved the
construction design of the wall raise. The Azerbaijan Project and Construction
Institute assisted in the technical evaluation. On 11 June 2024, the Ministry
of Ecology and Natural Resources provided a positive environmental report
confirming the wall raise can proceed (the "Environmental Report").

 

The issuance of the Expert Opinion and the Environmental Report completes the
technical work required to raise the tailings dam wall. The Expert Opinion and
Environmental Report will be submitted later today to the State Committee on
Urban Planning and Architecture of Azerbaijan and the local Gedabek
authorities for formal approval of construction. This is an administrative
process which is expected to be completed shortly.

 

As previously stated, the Company will provide an update on production
guidance 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 announce that the Government of Azerbaijan has approved
all technical and environmental aspects for the wall raise of the tailings
dam. We are not expecting the final administrative formalities required before
the permission is issued to take very long. This achievement marks another
significant milestone for Anglo Asian in its return to normalised trading.
With an exciting portfolio of development assets, we remain committed to our
growth strategy of transitioning to a mid-tier miner and generating
significant value for all of our stakeholders."

 

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

Notes to editors

 

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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