5 August 2024
Anglo Asian Mining
PLC
Tailings Dam raise
Authorisation and Restart of Operations
Anglo Asian Mining PLC ("Anglo
Asian" or the "Company"), the AIM listed gold, copper and silver
producer focused in Azerbaijan, is pleased to announce that
its subsidiary, Azerbaijan International Mining Company Limited
("AIMC"), has received authorisation from the Government of
Azerbaijan to raise the wall of its tailings dam.
On 5 August 2024, AIMC received
authorisation from the Government of Azerbaijan to raise the wall
of its existing tailings dam. Confirmation was also received that
the construction work will comply with all health and safety
requirements. Work on raising the tailings dam wall will start
immediately. Resources are now being mobilised to restart
production from the Company's agitation and flotation processing
plants which is expected to take up to one week. An update will be
provided in due course.
As previously stated, Anglo Asian
will provide an update on production guidance for the year in due
course. The Company continues to prioritise the progression of its
development portfolio, with the new Gilar mine expected to enter
production in Q4 2024.
Reza Vaziri, Chief Executive Officer of Anglo Asian Mining
commented:
"We are delighted to have finally received
authorisation from the Government of Azerbaijan to raise the
tailings dam wall and work on its construction will start
immediately. The authorisation of this tailings dam wall raise
involved substantial work by both external consultants and other
companies and the Government of Azerbaijan. I would like to
whole-heartedly thank all of the parties involved.
"We have also started mobilising resources to restart
flotation and agitation leaching processing and expect to
recommence full production in approximately one week. This marks
the end of a year-long disruption, and we look forward to
normalising production. We also look forward to making swift
progress on our strategic growth plan to transition to a
multi-asset, mid-tier primarily copper producer by
2028."
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:
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Anglo Asian Mining plc
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Reza Vaziri, Chief Executive
Officer
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Tel: +994 12 596 3350
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Bill Morgan, Chief Financial
Officer
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Tel: +994 502 910 400
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Stephen Westhead, Vice
President
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Tel: +994 502 916 894
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SP
Angel Corporate Finance LLP (Nominated Adviser and
Broker)
Ewan Leggat
Adam Cowl
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Tel: +44 (0) 20 3470 0470
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Hudson Sandler (Financial PR)
Charlie Jack
Harry Griffiths
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Tel: +44
(0) 20 7796 4133
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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/