TIDMAAZ
RNS Number : 8545O
Anglo Asian Mining PLC
13 October 2021
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
13 October 2021
Anglo Asian Mining plc
Q3 and 9M 2021 Production and Operations review
Production of 16,316 gold equivalent ounces in Q3 2021
Cash of $30.9 million at 30 September 2021
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer operating in Azerbaijan, is
pleased to provide a production, sales and operations review for
its Gedabek gold, copper and silver production contract area
("Gedabek") in western Azerbaijan for the three and nine months to
30 September 2021 ("Q3 2021" and "9M 2021" respectively).
Note that all references to "$" are to United States
dollars.
Overview
-- Q3 2021 production of 16,316 gold equivalent ounces ("GEOs") (Q3 2020: 18,190 GEOs)
-- 9M 2021 total production of 48,487 GEOs (9M 2020: 50,702 GEOs)
-- Cash of $30.9 million at 30 September 2021 (30 June 2021: $36.6 million)
o Final dividend for 2020 of $5.2 million and profits tax of
$1.4 million paid in Q3 2021
-- Full Year 2021 ("FY 2021") production guidance of 64,000 to 72,000 GEOs maintained
-- Transformational acquisition of rights to three new
concessions in Azerbaijan with significant copper reserves, a
milestone in the Company's history, announced on 29 September 2021.
These new concessions, subject to parliamentary ratification,
underpin Anglo Asian's strategy to become a mid-tier copper and
gold miner
-- An interim dividend of $0.045 per share will be paid gross to
shareholders at the record date of 8 October on 4 November 2021 for
the year ending 31 December 2021
Anglo Asian CEO Reza Vaziri commented:
"I am pleased to report a steady rate of production year-to-date
as we continue to mine our existing sites, and we reiterate
production guidance for the full year 2021.
"We made considerable progress in increasing our resources
during the period and are now presented with several compelling
growth opportunities. The high-quality Zafar deposit, and three
exciting new contract areas, significantly strengthen our copper
inventories. These will underpin our future long-term production
and transition to a mid-tier producer."
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.
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
Adam Cowl LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Charlie Jack Hudson Sandler Tel: +44(0) 20 7796
Elfie Kent 4133
------------------------------ ----------------------
Notes to editors
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 produced 67,249 gold
equivalent ounces ("GEOs") for the year ended 31 December 2020. 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.
The Company has recently announced a transaction with the
Government of Azerbaijan which grants it three additional
concessions with a combined area of 882 square kilometers which
include the Garadagh porphyry copper deposit with a Soviet
classified resource of over 300,000 tonnes of copper. The
transaction is subject to ratification by the parliament of
Azerbaijan.
https://www.angloasianmining.com/
Production overview
Q3 2021
-- Total production of 16,316 GEOs (Q3 2020: 18,190 GEOs)
-- Gold production of 12,847 ounces (Q3 2020: 15,461 ounces):
o 12,317 ounces contained within gold doré
o 13 ounces from sulfidisation, acidification, recycling and
thickening ("SART") processing
o 517 ounces from flotation processing
-- Copper production totalled 573 tonnes (Q3 2020: 688 tonnes):
o 265 tonnes from SART processing
o 308 tonnes from flotation processing
-- Silver production totalled 36,912 ounces (Q3 2020: 31,036 ounces):
o 5,473 ounces contained within gold doré
o 19,526 ounces from SART processing
o 11,913 ounces from flotation processing
9M 2021
-- Total production of 48,487 GEOs (9M 2020: 50,702 GEOs)
-- Gold production of 37,096 ounces (9M 2020: 43,384 ounces)
-- Copper production totalled 1,906 tonnes (9M 2020: 1,895 tonnes)
-- Silver production totalled 115,843 ounces (9M 2020: 89,564 ounces)
Sales
-- Q3 2021 gold bullion sales of 6,828 ounces at an average of
$1,815 per ounce (Q3 2020: 6,599 ounces sold at an average of
$1,947 per ounce)
-- Q3 2021 copper concentrate shipments totalled 3,549 dry
metric tonnes ("dmt") with a sales value of $5.7 million (excluding
Government of Azerbaijan profit share) (Q3 2020: 2,084 dmt with a
sales value of $3.4 million)
Company financials
-- Cash and cash equivalents totaling $30.9 million at 30
September 2021 (Cash and cash equivalents of $36.6 million at 30
June 2021)
o Final dividend in respect of 2020 of $5.2 million and profits
tax of $1.4 million paid in Q3 2021
Gedabek - mining, detailed production and sales
Anglo Asian continued to mine existing sites during the period,
following the exhaustion of the Ugur open pit in late 2020, in line
with previously announced guidance for the year and maintaining
steady production.
The Company mined the following amounts and grades of ore in the
nine months to 30 September 2021:
6 months to 3 months to 9 months to
30 June 2021 30 September 2021 30 September 2021
Average Average Average
Mine Ore mined gold grade Ore mined gold grade Ore mined gold grade
(tonnes) (g/t) (tonnes) (g/t) (tonnes) (g/t)
---------- ------------ ---------- ------------ ---------- ------------
Open pit 902,151 0.81 388,519 0.71 1,290,670 0.78
Ugur - o/pit - - - - - -
Gadir - u/g 54,145 2.05 31,188 1.81 85,333 1.96
Gosha - u/g - - - - - -
Gedabek -
u/g 99,847 1.60 54,179 1.36 154,026 1.52
---------- ------------ ---------- ------------ ---------- ------------
Total 1,056,142 0.95 473,886 0.86 1,530,028 0.65
-------------- ---------- ------------ ---------- ------------ ---------- ------------
* There have been some minor changes to the previously reported
figures following the reconciliation of ore stockpiles.
The Company processed the following amounts and grades of ore by
leaching for FY 2020 and Q1 to Q3 2021:
Quarter ended Ore processed Gold grade of ore processed
-------------------------------------- --------------------------------------
Heap leach Heap leach Agitation Heap leach Heap leach Agitation
pad crushed pad ROM leaching pad crushed pad ROM leaching
ore ore plant* ore ore plant*
(tonnes) (tonnes) (tonnes) (g/t) (g/t) (g/t)
------------- ------------- ----------- ----------
31 March 2020 132,731 258,121 163,379 0.84 0.49 2.53
30 June 2020 139,752 134,675 161,079 0.79 0.44 1.95
30 September
2020 168,945 149,031 181,200 0.87 0.50 2.09
31 December 2020 107,852 172,206 177,487 0.89 0.59 1.81
------------- ----------- ---------- ------------- ----------- ----------
FY 2020 549,280 714,033 683,145 0.85 0.51 2.17
------------------ ------------- ----------- ---------- ------------- ----------- ----------
31 March 2021 110,612 258,097 154,373 0.90 0.61 1.84
------------- ----------- ---------- ------------- ----------- ----------
30 June 2021 154,619 177,369 164,288 0.81 0.59 1.64
------------- ----------- ---------- ------------- ----------- ----------
H1 2021 265,231 435,466 318,661 0.84 0.60 1.78
------------------ ------------- ----------- ---------- ------------- ----------- ----------
30 September
2021 154,112 194,816 170,829 0.79 0.51 1.65
------------- ----------- ---------- ------------- ----------- ----------
* includes previously heap leached ore.
The Company processed the following amounts of ore and contained
metal by flotation for FY 2020 and Q1 to Q3 2021:
Quarter ended Ore processed Gold content Silver content Copper content
(tonnes) (ounces) (ounces) (tonnes)
-------------- ------------- --------------- ---------------
31 March 2020 126,354 1,860 28,831 622
30 June 2020 132,848 1,459 18,354 762
30 September
2020 123,440 1,565 15,530 741
31 December 2020 110,772 859 8,660 693
-------------- ------------- --------------- ---------------
FY 2020 493,414 5,743 71,375 2,818
------------------ -------------- ------------- --------------- ---------------
31 March 2021 111,060 920 15,782 652
30 June 2021 116,910 1,251 23,870 596
-------------- ------------- --------------- ---------------
H1 2021 227,970 2,171 39,652 1,248
------------------ -------------- ------------- --------------- ---------------
30 September
2021 126,161 1,231 19,939 519
-------------- ------------- --------------- ---------------
The following table summarises gold doré production and sales at
Gedabek for FY 2020 and Q1 to Q3 2021:
Gold produced* Silver Gold sales** Gold Sales price
(ounces) produced* (ounces) ($/ounce)
(ounces)
Quarter ended
31 March 2020 15,034 3,852 11,236 1,577
30 June 2020 11,455 3,562 12,743 1,713
-------------- ------------------ ------------- ------------- ----------------
H1 2020 26,489 7,414 23,979 1,649
-------------- ------------------ ------------- ------------- ----------------
30 Sept 2020 14,945 5,487 6,599 1,947
31 Dec 2020 13,276 4,614 18,072 1,884
-------------- ------------------ ------------- ------------- ----------------
H2 2020 28,221 10,101 24,671 1,901
-------------- ------------------ ------------- ------------- ----------------
FY 2020 54,710 17,515 48,650 1,777
-------------- ------------------ ------------- ------------- ----------------
31 March 2021 11,541 4,916 5,635 1,697
30 June 2021 11,791 5,922 13,947 1,808
-------------- ------------------ ------------- ------------- ----------------
H1 2021 23,332 10,838 19,582 1,776
-------------- ------------------ ------------- ------------- ----------------
30 Sept 2021 12,317 5,473 6,828 1,815
-------------- ------------------ ------------- ------------- ----------------
Note
* including Government of Azerbaijan's share
** excluding Government of Azerbaijan's share
The following table summarises copper concentrate production
from both the Company's SART and flotation plants at Gedabek for FY
2020 and Q1 to Q3 2021:
Concentrate Copper Gold Silver
production* content* content* content*
2020 (dmt) (tonnes) (ounces) (ounces)
Quarter ended 31 March
SART processing 221 114 8 12,895
Flotation 2,773 445 825 17,895
--------------------------- ------------ --------- --------- ---------
Total 2,994 559 833 30,790
--------------------------- ------------ --------- --------- ---------
Quarter ended 30 June
SART processing 267 151 7 10,857
Flotation 2,904 497 573 9,542
--------------------------- ------------ --------- --------- ---------
Total 3,171 648 580 20,399
--------------------------- ------------ --------- --------- ---------
Quarter ended 30 Sept
SART processing 301 165 7 17,148
Flotation 2,965 523 476 8,416
--------------------------- ------------ --------- --------- ---------
Total 3,266 688 483 25,564
--------------------------- ------------ --------- --------- ---------
Quarter ended 31 December
SART processing 421 196 15 21,279
Flotation 2,929 500 243 7,086
--------------------------- ------------ --------- --------- ---------
Total 3,350 696 258 28,365
--------------------------- ------------ --------- --------- ---------
2021
Quarter ended 31 March
SART processing 473 276 13 19,850
Flotation 2,375 362 353 10,599
--------------------------- ------------ --------- --------- ---------
Total 2,848 638 366 30,449
--------------------------- ------------ --------- --------- ---------
Quarter ended 30 June
SART processing 512 301 12 22,428
Flotation 2,652 394 539 15,216
--------------------------- ------------ --------- --------- ---------
Total 3,164 695 551 37,644
--------------------------- ------------ --------- --------- ---------
Quarter ended 30 Sept
SART processing 503 265 13 19,526
Flotation 2,600 308 517 11,913
--------------------------- ------------ --------- --------- ---------
Total 3,103 573 530 31,439
--------------------------- ------------ --------- --------- ---------
Note
* including Government of Azerbaijan's share.
Certain amounts for SART and flotation production may differ to
those previously disclosed due to final reconciliation of
production.
The following table summarises total copper concentrate
production and sales for FY 2020 and Q1 to Q3 2021. Note that sales
of concentrates are initially recorded at provisional amounts until
agreement of final assay:
Concentrate Copper Gold Silver Concentrate Concentrate
production* content* content* content* sales** sales**
(dmt) (tonnes) (ounces) (ounces) (dmt) ($000)
Quarter ended
31 March 2020 2,994 559 833 30,790 2,018 2,863
30 June 2020 3,171 648 580 20,399 3,526 4,707
--------------- ------------ --------- --------- --------- ------------ --------------
H1 2020 6,165 1,207 1,413 51,189 5,544 7,570
--------------- ------------ --------- --------- --------- ------------ --------------
30 Sept 2020 3,266 688 483 25,564 2,084 3,377
31 Dec 2020 3,350 696 258 28,365 4,211 6,763
--------------- ------------ --------- --------- --------- ------------ --------------
H2 2020 6,616 1,384 741 53,929 6,295 10,140
--------------- ------------ --------- --------- --------- ------------ --------------
FY 2020 12,781 2,591 2,154 105,118 11,839 17,710
--------------- ------------ --------- --------- --------- ------------ --------------
31 March 2021 2,848 638 366 30,499 - -
30 June 2021 3,164 695 551 37,644 3,467 9,066
--------------- ------------ --------- --------- --------- ------------ --------------
H1 2021 6,012 1,333 917 68,143 3,467 9,066
--------------- ------------ --------- --------- --------- ------------ --------------
30 Sept 2021 3,103 573 530 31,439 3,549 5,712
--------------- ------------ --------- --------- --------- ------------ --------------
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
Cash
The Company had cash of $30.9 million at 30 September 2021
($36.6 million at 30 June 2021) and no debt.
Gadir underground mine - JORC Mineral Resources and Ore reserves
Published on 23 September 2021 - Correction
On 23 September 2021, the Company published its interim results
for the six months
ended 30 June 2021. These included the JORC Mineral Resources
and Ore Reserves of the Gadir underground mine, as disclosed in
tables three and four respectively of the Strategic Report. The two
tables incorrectly gave the units of the contained zinc and copper
as thousands of tonnes ("kt"). The correct units for the amounts
shown in the two tables for contained zinc and copper are
tonnes.
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