REG - Anglo Asian Mining - Commitment to GISTM

Anglo Asian MiningAnnouncement

19/01/2024 07:00

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RNS Number : 2151A  Anglo Asian Mining PLC  19 January 2024

19 January 2024

 

Anglo Asian Mining PLC

Commitment to Global Industry Standard on Tailings Management

 

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 committed to implement the Global Industry Standard on Tailings
Management ("GISTM") at its operations at Gedabek.

 

Anglo Asian currently complies with all local tailings dam regulations. Three
international environmental and engineering consultancies have carried out
audits, which confirm the tailings management facility is operated to
international standards.

 

GISTM is a set of principals governing tailings management established under
the auspices of the UN Environment Programme, the International Council on
Mining and Metals and the Principles of Responsible Investment.  It strives
to achieve the ultimate goal of zero harm to people and the environment with
zero tolerance for human fatality. It requires operators to take
responsibility and prioritise the safety of tailings facilities, through all
phases of a facility's lifecycle, including closure and post-closure. It also
requires the disclosure of relevant information to support public
accountability.

 

The Principles for Responsible Investment, represented by the Church of
England Pensions Board (the "Pensions Board") together with the United Nations
Environment Programme, is leading a programme to establish an independent
institute to oversee the implementation of GISTM. The Company has confirmed to
the Pensions Board that they will work towards full compliance with GISTM and
support the formation of the institute.

 

About the tailings management facility at Gedabek

The Company's tailing management facility is situated approximately 4.5
kilometres from the Company's processing facilities at Gedabek. It is a
downstream rock fill embankment and was designed by international consultants
(CQA International) approximately 12 years ago in accordance with the
International Committee on Large Dams ('ICOLD') guidance. This guidance
reflected best practice at the time for the design and construction of
tailings management facilities. The construction of the tailings embankment
was supervised by CQA International. There have been four construction phases
with one further construction phase required for the facility to reach its
final design capacity.

 

Compliance with the Global Industry Standard on Tailings Management

The Company is aiming for full compliance by the end of 2026. Knight Piésold
will conduct a GISTM audit in which the Company will be asked to provide
evidence under each of the 15 principals and 77 requirements.

 

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

 

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.

 

The Company owns approximately 13.1 per cent. of Libero Copper & Gold
Corporation ("Libero"). Libero is listed on the TSX Venture
Exchange in Canada and owns 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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