TIDMAAZ
Anglo Asian Mining PLC
12 December 2023
12 December 2023
Anglo Asian Mining plc
Caterpillar Underground Mining Equipment delivered to Gedabek
Site
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the
AIM-listed gold, copper and silver producer focused on Azerbaijan,
is pleased to announce the Caterpillar underground mining fleet for
its new Gilar mine has now been delivered to the Company's Gedabek
mine site. This will be the first time Caterpillar underground
equipment will be deployed in Azerbaijan. The equipment will be
substantially vendor financed and this is the first time
Caterpillar will provide finance to a customer in Azerbaijan or the
wider Caucasus region.
The underground mining fleet comprises three R1700 underground
loaders and two 980UMA underground loaders. Further details of the
equipment are available at
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2023/12/R1700.pdf
and
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2023/12/980UMA.pdf
. Borusan, the authorised regional dealer of Caterpillar equipment,
will maintain a stock of spare parts and consumables within
Azerbaijan and major parts will be held at Borusan regional centres
in Türkiye and Kazakhstan. This will enable efficient after-sales
servicing of the machines over their lifetime, which was a major
factor in the machine selection process.
The underground mining fleet are "state-of-the-art",
next-generation machines constructed with safety at their core.
They are more powerful and contain many new features compared to
their predecessors. The operator environment has been improved and
is more comfortable. Many new safety features have been added
including better access points, multiple fire suppression systems
and improved visibility and lighting.
The underground equipment will be utilised in the Company's new
Gilar mine, which is currently under construction and development.
The deployment of the new underground equipment will require the
recruitment of around 50 new local employees, including equipment
operators and equipment maintenance and support staff.
Approximately 800 local staff are currently directly employed by
the Company at Gedabek. In addition, the Company also provides
employment for around 600 local residents with the Company's
contractors.
The total cost of the equipment is $4.6 million. The $3.7
million balance due for the purchase of the equipment will be paid
by the end of December 2023 from the Group's existing liquidity
resources. It is anticipated that $3.7 million will be refinanced
by a vendor financing loan from Caterpillar. Negotiations are
continuing with Caterpillar Finance to finalise execution of the
loan which is expected to close in Q1 2024.
A ceremony was held on the afternoon of Monday 11 December 2023
to mark the arrival of the equipment at Gedabek. This was attended
by the Group's leadership team, Azeri and Turkish representatives
from Caterpillar and Borusan, along with representatives from both
the central and regional Governments of Azerbaijan. A demonstration
was also given of operating one of the machines by remote control.
The event attracted considerable interest within Azerbaijan with
journalists from both print and broadcast media also in
attendance.
Image 1: Anglo Asian Mining Vice President Stephen Westhead
addressing the crowd at the ceremony.
Image 2: Caterpillar equipment outside the Gilar portal.
Image 3: Caterpillar equipment which will be used at Gilar.
Image 4: Reza Vaziri, Chief Executive Officer, speaking to local
media following the event.
The Caterpillar equipment will be deployed in the Company's new
Gilar mine. On 11 December 2023, a maiden JORC (2012) mineral
resource estimate was published for the Gilar deposit. This
confirmed 6.10 million tonnes of mineralisation with an average
copper grade of 0.88 per cent. and 1.30 grammes of gold per tonne.
The In-situ mineral resource is 54,000 tonnes of copper, 255,000
ounces of gold and 46,000 tonnes of zinc.
The Gilar mine is scheduled to begin production around the
middle of 2024 and will be an important source of production,
bridging the gap between declining grades at Gedabek's existing
mines and production starting from its much bigger Xarxar and
Garadag contract areas.
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
Competent Person Statement
The information in the announcement that relates to exploration
results, minerals resources and ore reserves is based on
information compiled by Dr Stephen Westhead, who is a full-time
employee of Anglo Asian Mining with the position of Vice-President,
who is a Fellow of The Geological Society of London, a Chartered
Geologist, Fellow of the Society of Economic Geologists, Fellow of
the Institute of Materials, Minerals and Mining and a Member of the
Institute of Directors.
Stephen Westhead has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Stephen Westhead consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
Stephen Westhead has sufficient experience, relevant to the
style of mineralisation and type of deposit under consideration and
to the activity that he is undertaking, to qualify as a "competent
person" as defined by the AIM rules. Stephen Westhead has reviewed
the mineral resources included in this announcement.
For the avoidance of doubt, Mineral Resources figures in this
notification are not based on a Standard for the reporting of
reserves and resources, such as JORC, as defined in the AIM Rules
for Companies.
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 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 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.
The Company owns approximately 17.4 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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END
NRAGZMMZNZFGFZG
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