REG - Anglo Asian Mining - Agreement of environmental action plan

Anglo Asian MiningAnnouncement

07/11/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231107:nRSG5639Sa&default-theme=true

RNS Number : 5639S  Anglo Asian Mining PLC  07 November 2023

7 November 2023

 

Anglo Asian Mining PLC

Agreement of environmental action plan

Company will now ramp up operations and resume normal production

 

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
it has signed a protocol with the Government of Azerbaijan (the "Government")
on an action plan (the "Action Plan") to implement certain enhancements to its
operations and procedures. These measures were identified in the recent
environmental audit carried out by Micon International Ltd ("Micon") at the
behest of the Government. A summary of the main items in the Action Plan is
set out in the Appendix below. It has been agreed with the Government that the
majority of the items in the Action Plan will be implemented by the end of
next year. None of the measures will involve the Company in significant
expenditure.

 

As a result of signing the protocol and agreeing the Action Plan, the Company
is now free to restart all its operations. The restart will be carried out in
stages, and mining will recommence immediately. The Company's heap leach
operations continued to operate throughout the recent partial shutdown, but
without addition of ore. The restart of mining will enable fresh ore to be
placed on the heaps so that production of gold doré, and copper concentrate
from SART, will return to its former levels.

 

The Company's flotation plant will restart approximately 90 days before the
wall of the existing tailings dam has been further raised. This is to utilise
the remaining capacity of the existing tailings dam at its current height.
Flotation will initially process ore mined from the Gedabek open pit, until
higher grade ore becomes available from the new Gilar mine, which is expected
to begin operation in H1 2024. The Company is now accelerating the development
of Gilar. Agitation leaching will restart once the raise of the tailings dam
wall is completed and high-grade ore is available from the Gilar mine. The
Company is actively collaborating with the Government to implement any
additional measures required in response to the Micon environmental report, to
ensure the successful execution of the wall raise. The Company will update the
market once a timetable for the wall raise has been settled.

The Company maintains its Full Year 2023 production guidance of 30,000 to
34,000 gold equivalent ounces ("GEOs"), as announced in its 2023 Interim
Results.

 

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:

 

 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

Appendix

Summary of the main environmental procedural and physical upgrades identified
by the Micon environmental audit

 

1.   Improve environmental monitoring of the site.

2.   Install fencing and signage at various locations on site.

3.   Undertake a feasibility study for the alternative storage of tailings.

4.   Improve engagement with the local communities and establish a community
relations department.

5.   Formulate and implement plans for a cyanide incident, spills and other
emergency responses, and carry out drills with the local fire department and
other emergency services.

6.   Update documentation and establish a database for environmental
monitoring.

7.   Improve the handling and storage of reagents and other chemicals.

8.   Review all equipment guards at site.

 

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 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.

 

The Company owns approximately 17.4 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/)

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRZZMGMZVMGFZZ