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)
Ewan Leggat
Adam Cowl
|
Tel: +44 (0) 20 3470 0470
|
|
|
|
|
Hudson Sandler (Financial PR)
Charlie Jack
Harry Griffiths
|
Tel: +44
(0) 20 7796 4133
|
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/