REG - Anglo Asian Mining - 2023 Annual General Meeting Statement

Anglo Asian MiningAnnouncement

22/06/2023 07:00

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RNS Number : 4743D  Anglo Asian Mining PLC  22 June 2023

22 June 2023

 

Anglo Asian Mining plc

2023 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 2023 at 11.00am 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:

 

"2022 was another good year for Anglo Asian Mining. Our operational and
financial performances were both within guidance, which was achieved against a
backdrop of global macroeconomic challenges which continue to exert
significant inflationary pressures on the industry.

 

"Our producing assets continue to perform well. The Company produced a total
of 57,618 gold equivalent ounces during the year, an 11 per cent. decline due
to the lower gold grades of ore processed. We reported a good financial
performance with revenues of $84.7 million and profit before taxation of $7.5
million. At 31 December 2022, we held cash of £20.4 million, having paid $8.6
million in dividends during the year. Our all-in sustaining cost for the year
was $1,064 per ounce. The Company also bought back 150,000 of its own shares
at an average cost of 81.4 pence per share.

 

"We were delighted that, in July 2022, amendments to the Company's Production
Sharing Agreement were passed into law in the Republic of Azerbaijan,
granting the Company the three new contract areas of Xarxar, Demirli and
Garadag. The Xarxar and Garadag contract areas are contiguous with the
Company's existing Gedabak and Gosha contract areas and contain substantial
quantities of copper. The acquisition of these new contract areas enabled us
to recently announce our strategy to transform the Company into a significant
copper producer in the next 5 years.

 

"During the year, Libero Copper & Gold Corporation became an associate
company. Libero is listed on the TSX Venture Exchange and possesses an
extremely attractive portfolio of copper exploration assets spanning North and
South America. It represents an extremely exciting opportunity for the
business, and its portfolio complements our growth ambitions.

 

"Looking forward, we have an ambitious but achievable growth strategy to
become a mid-tier producer with a portfolio dominated by copper within the
next 5 years. As a critical first step in pursuit of this, we are currently
building two new mines: Gilar and Zafar.  We expect Gilar to start producing
ore later this year.

 

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

 

 

For further information please contact:

 

 Anglo Asian Mining plc
 Reza Vaziri, Chief Executive Officer                            Tel: +994 12 596 3350
 Bill Morgan, Chief Financial Officer                            Tel: +994 502 910 400
 Stephen Westhead, Vice President                                Tel: +994 502 916 894

 SP Angel Corporate Finance LLP (Nominated Adviser and Broker)   Tel: +44 (0) 20 3470 0470

 Ewan Leggat

 Adam Cowl

 Hudson Sandler (Financial PR)                                   Tel: +44 (0) 20 7796 4133

 Charlie Jack

 Harry Griffiths

 

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 57,618 gold equivalent ounces ("GEOs") for the year
ended 31 December 2022.

 

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 2028, 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 2023 to 2028 at Zafar, Gilar, Xarxar and
Garadag.

 

The Company owns approximately 19.8 per cent. of Libero Copper & Gold
Corporation ("Libero"). 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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