REG - Anglo Asian Mining - 2022 Annual General Meeting Statement

Anglo Asian MiningAnnouncement

23/06/2022 07:01

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RNS Number : 8528P  Anglo Asian Mining PLC  23 June 2022

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

 

23 June 2022

 

Anglo Asian Mining plc

2022 Annual General Meeting Statement

 

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM-listed gold,
copper and silver producer focused on Azerbaijan, is holding its annual
general meeting for 2022 at 11.00 am today at 33 St James' Square, London,
SW1Y 4JS. At the meeting Reza Vaziri, Anglo Asian's President and Chief
Executive, will make the following statement:

 

"2021 was a transformational year for Anglo Asian Mining. The agreement with
the Government of Azerbaijan for new concessions will significantly enhance
our portfolio in the country. We also made our first investment outside of
Azerbaijan. Our operational and financial performance were both solid and
within guidance. This was achieved against a background of geopolitical
instability and the waning COVID-19 pandemic.

 

"The year saw a continued reliable performance from our existing operations.
The Company produced a total of 64,610 gold equivalent ounces during the year,
a 4 per cent. decline due to the lower gold grades of ore processed. We
reported a robust financial performance with revenues of $92.5 million and
profit before taxation of $12.6 million. At 31 December 2021, we held cash of
$37.5 million, having paid $10.9 million in dividends during the year. Our
all-in sustaining cost for the year was $843 per ounce.

 

"We continue to make progress with our extensive exploration programme which
underpins our near-term production. Early in 2021, we announced the discovery
of Zafar, a new copper deposit at Gedabek. Its final mineral resources were
announced in March 2022 and production is planned to start next year. In March
2022, we were pleased to announce the discovery of a new gold vein, "Hasan",
to the south of the Gosha gold mine which will start production later this
year. We are also making good progress at our restored contract area of
Vejnaly with mining due to start later this month.

 

"In September 2021, we announced an agreement with the Government of
Azerbaijan to acquire three new concessions: Garadagh, Xarxar and Demirli.
This acquisition transforms Anglo Asian's development pipeline and provides us
with substantial copper reserves. We also relinquished our rights to the
Soutely mine, where we had concerns regarding the health and safety of our
employees and the amount of capital expenditure the asset would require. The
three new concessions contain significant mineralisation and border our
existing contract areas which will enable us to benefit from considerable
operational synergies.

 

"The Company also made its first investment outside of Azerbaijan in 2021 with
the purchase of a 19.8 per cent. shareholding in Libero Copper & Gold
Corporation ("Libero"). Libero is listed on the TSX Venture Exchange and
possesses an extremely attractive portfolio of copper exploration assets
spanning North and South America. We are very excited about this investment.

 

"Looking forward, we are encouraged by the developments over the past year and
believe the Company has a solid foundation for further future growth. We have
developed a portfolio of assets with considerable potential, and we look
forward to updating the market on our progress in due course.

 

"I would like to take this opportunity to thank my fellow board members, our
management team and our employees for their hard work and dedication and our
shareholders for their ongoing support."

 

 

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:

 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 LLP  Tel: +44 (0) 20 3470 0470

 Adam Cowl         Nominated Adviser and Broker
 Charlie Jack      Hudson Sandler                  Tel: +44(0) 20 7796 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 64,610 gold equivalent ounces ("GEOs")
for the year ended 31 December 2021.

 

In September 2021, the Company announced a transaction with the Government
of Azerbaijan which grants it three additional concessions with a combined
area of 882 square kilometres, including 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.

 

In December 2021, the Company undertook a private placement which acquired
19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). The
transaction was completed in January 2022. 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/ (https://www.angloasianmining.com/)

 

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