Anglo Asian Mining PLC Updated Presentation and AISC for Gedabek Mine (1645O)
03 November 2016 - 8:00PM
UK Regulatory
TIDMAAZ
RNS Number : 1645O
Anglo Asian Mining PLC
03 November 2016
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
3 November 2016
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
Updated Investor Presentation and All In Sustaining Cost for the
Gedabek Mine
Anglo Asian Mining plc, the AIM listed gold, copper and silver
production and exploration company in Azerbaijan, is pleased to
announce that an updated investor presentation is now available on
its website: www.angloasianmining.com.
The investor presentation includes details of the all in
sustaining costs ("AISC") per ounce of gold produced by the Company
at Anglo Asian's Gedabek gold, copper and silver mine in western
Azerbaijan as calculated from information derived from its
published financial statements. The AISC is calculated in
accordance with the World Gold Council's Guidance Note on Non-GAAP
Metrics dated 27 June 2013*. The AISC for the six months to 30 June
2016 was US$703 per ounce of gold. This compares to US$925 per
ounce of gold for the six months to 30 June 2015 and US$858 per
ounce of gold for the 12 months ended 31 December 2015.
*Please note that there are no royalty costs included in the
Company's AISC calculation as the Production Sharing Agreement with
the Government of Azerbaijan is structured as a revenue sharing
arrangement. Therefore the AISC is calculated using a cost of sales
which is the cost of producing 100% of the gold and such costs are
allocated to total gold production including the Government of
Azerbaijan's share.
**ENDS**
For further information please visit www.angloasianmining.com or
contact:
Anglo Asian Mining Tel: +994 12 596
Reza Vaziri plc 3350
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Anglo Asian Mining Tel: +994 502 910
Bill Morgan plc 400
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Ewan Leggat SP Angel Corporate Tel: +44 (0) 20
Finance LLP 3470 0470
Nominated Adviser
and Broker
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Laura Harrison SP Angel Corporate Tel + 44 (0) 20
Finance LLP 3470 0470
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Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
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Susie Geliher St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
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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, assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
modelled on the Azeri oil industry.
The Company developed Azerbaijan's first operating
gold/copper/silver mine, Gedabek, which commenced gold production
in May 2009. Gedabek is an open cast mine with a series of
interconnected pits. The Company is also mines high grade ore from
the 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.
Gold production for the year ended 31 December 2015 from Gedabek
totaled 72,032 ounces with 969 tonnes of copper also produced.
Gedabek is a polymetallic deposit and its ore has a high copper
content, and as a result the Company produces copper concentrate
from its Sulphidisation, Acidification, Recycling, and Thickening
(SART) plant. Anglo Asian also produces a copper and precious metal
concentrate from its flotation plant, which commenced production in
the last quarter of 2015. This is initially processing tailings
from the agitation leach plant.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for other properties in order to fulfil its expansion
ambitions and become a mid-tier gold and copper metal production
company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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