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Anglo Asian Mining (AAZ)

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Thursday 22 August, 2019

Anglo Asian Mining

Statement re Media Comment

RNS Number : 8503J
Anglo Asian Mining PLC
22 August 2019
 

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

22 August 2019

Anglo Asian Mining plc

("Anglo Asian" or the "Company")

Statement re Media Comment

 

Anglo Asian Mining PLC, the AIM listed gold, copper and silver producer focused in Azerbaijan, notes the recent press report regarding the Ministry of Economy of Azerbaijan engaging a consultant to advise on a possible transaction with R.V. Investment Group Services, LLC, a subsidiary of Anglo Asian whose principal asset is the Group's production sharing agreement with the Government of Azerbaijan dated 20 August 1997.

 

The Company notes that, while it has been in recent discussions with the Government of Azerbaijan and other parties in relation to potential transactions, such discussions are preliminary and no terms have been discussed or agreed. There can be no certainty that these discussions will result in any transactions. The Company further notes that it regularly has discussions with other parties regarding the development of the Group.

 

A further announcement will be made if appropriate in due course.

 

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 until the release of this announcement.

 

**ENDS**

 

For further information please visit www.angloasianmining.com or contact:

Reza Vaziri

Anglo Asian Mining plc

Tel: +994 12 596 3350

Bill Morgan

Anglo Asian Mining plc

Tel: +994 502 910 400

Stephen Westhead

Anglo Asian Mining plc

Tel: +994 502 916 894

Ewan Leggat

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel: +44 (0) 20 3470 0470

Soltan Tagiev

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel + 44 (0) 20 3470 0470

Camilla Horsfall

Blytheweigh Financial

Tel: + 44(0) 20 7138 3224

Megan Ray

Blytheweigh Financial

Tel: + 44(0) 20 7138 3224

 

Notes:

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.

 

The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the Lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first modern operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009. Mining at Gedabek was initially from its main open pit, which is an open cast mine with a series of interconnected pits.

 

The Company also operates the high grade Gadir underground mine, which is co-located at the Gedabek site. In September 2017, production commenced at the Ugur open pit mine, a recently-discovered gold ore deposit at Gedabek. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.

 

The Company produced 83,736 gold equivalent ounces ("GEOs") for the year ended 31 December 2018. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies. The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant. A second dedicated crusher line has been commissioned and is now in operation for the flotation plant to enable it to operate independently of the agitation leaching plant.

 

The Company has forecast metal production for FY 2019 of between 82,000 to 86,000 GEOs. Of the forecast production for FY 2019, between 28,000 to 30,000 GEOs is in the form of copper and gold flotation concentrate.

 

Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.

 

 

 

 

 


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