Anglo Asian Mining PLC Forward sale of gold (0755D)
June 19 2023 - 2:00AM
UK Regulatory
TIDMAAZ
RNS Number : 0755D
Anglo Asian Mining PLC
19 June 2023
19 June 2023
Anglo Asian Mining PLC
Forward sale of 4,600 ounces of gold bullion
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan,
announces that it has taken a forward sale position for 4,600
ounces of gold bullion over a 7 month period from June to December
2023. This supports the Company's medium-term growth strategy,
culminating in its transition to a mid-tier copper producer, and is
prudent in light of forthcoming capital expenditure
requirements.
Monthly forward sales of gold bullion have been made equivalent
to approximately 25 to 30 per cent. of each month's budgeted gold
doré production. The contracts mature at the end of each respective
month and a total of 4,600 ounces of gold bullion has been forward
sold. The forward sales have been made at prices between $1,949.75
to $1,979.25 per ounce of gold. The spot price of gold at the time
of contracting the forward sales was $1,947.50.
The Company will report execution of these forward sales
contracts in its quarterly Production and Operations reviews.
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
Tel: +994 12 596
Reza Vaziri, Chief Executive Officer 3350
Tel: +994 502 910
Bill Morgan, Chief Financial Officer 400
Tel: +994 502 916
Stephen Westhead, Vice President 894
SP Angel Corporate Finance LLP (Nominated Tel: +44 (0) 20
Adviser and Broker) 3470 0470
Ewan Leggat
Adam Cowl
Hudson Sandler (Financial PR) Tel: +44 (0) 20
Charlie Jack 7796 4133
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/
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