Anglo Asian Mining PLC AGM 2021 - Responses to Submitted Questions (3875D)
29 June 2021 - 4:00PM
UK Regulatory
TIDMAAZ
RNS Number : 3875D
Anglo Asian Mining PLC
29 June 2021
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
29 June 2021
Anglo Asian Mining PLC
Annual General Meeting 2021 - Responses to Questions submitted
to the Company
Prior to the Meeting
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the
AIM-listed gold, copper and silver producer focused in Azerbaijan,
is pleased to provide responses to questions it has received from
shareholders prior to its Annual General Meeting for 2021.
SHAREHOLDER QUESTION COMPANY RESPONSE
What are the Company's plans Short-term (next two years)
to advance any increase in The Company is planning to
production? increase production by bringing
the Zafar deposit into production
as follows:
* July 2021 - Maiden JORC mineral resource estimate.
* Q4 2021 - Final JORC mineral resource estimate.
* H1 2022 - JORC mineral reserve estimate and commence
tunnelling.
* H2 2022 - Large scale underground construction
begins.
* H1 2023 - Production begins.
Some ore extraction is expected
in 2022 during development
as the mine moves towards full
scale production.
The Company is also planning
to produce ore from Avshancli
in Q4 2021/Q1 2022.
Long-term (after two years)
The Company plans to increase
production from further deposits
identified by its current geological
exploration programme at Gedabek,
Gosha and Ordubad and existing
deposits in the newly restored
contract areas.
------------------------------------------------------------
Exactly when will the Board The Company will share its
be in a position to expand short-term production plans
on its growth ambitions with as follows:
much more detailed metrics * Avshancli - by end of 2021.
and timescales, against which
its performance may be more
objectively judged by investors? * Zafar - 2022 when the JORC mineral reserve estimates
are published.
Shareholders will also be updated
about additional production
from the restored contract
areas and from further deposits
identified by the current exploration
programme as the Company's
plans develop.
------------------------------------------------------------
What level of production would +100,000 gold equivalent ounces
be classified by the Company per annum.
as "mid-tier"?
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If the Company cannot advance The Company will return surplus
its production to mid-tier funds to shareholders if there
level and there is no call is no call on those funds.
on the Company's funds, can However, given the development
they be returned to shareholders? costs of Zafar and other opportunities,
the Company believes its current
funds will be required for
investment in its business.
------------------------------------------------------------
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
**ENDS**
For further information please 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 Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Adam Cowl SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
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 at its active Gedabek, Gosha and Ordubad
contract areas assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
("PSA") modelled on the Azeri oil industry. The Company also has
three recently restored contract areas in the formerly Occupied
Territories and Karabakh under its PSA and which the Company has
started to preliminary evaluate.
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 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. 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 67,249 gold equivalent ounces ("GEOs") for
the year ended 31 December 2020. Gedabek is a polymetallic ore
deposit that has gold together with significant concentrations of
copper in the main open pit mine. 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.
The Company has a production target for the year to 31 December
2021 of 48,000 ounces to 54,000 ounces of gold and 2,500 tonnes to
2,800 tonnes of copper. This total production target expressed as
gold equivalent ounces ("GEOs") at budgeted prices is between
64,000 GEOs and 72,000 GEOs.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for properties in other jurisdictions in order to fulfil
its expansion ambitions and become a mid-tier gold and copper metal
production company.
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