REG - Anglo Asian Mining - Gedabek Tailings Dam

Anglo Asian MiningAnnouncement

17/07/2023 07:00

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RNS Number : 1463G  Anglo Asian Mining PLC  17 July 2023

 

 

17 July 2023

Anglo Asian Mining plc

Gedabek Tailings Dam

 

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan, provides the following
update regarding its second tailings dam, which will be located in the Gedabek
district of Azerbaijan.

 

The Company's preferred site for the construction of its second tailings dam
is close to its existing dam and the necessary land allocation from the
Government of Azerbaijan (the "Government") has been granted. However, the
location of the new dam has recently been the subject of protests. Since these
began, various Government departments, assisted by independent laboratories,
have carried out environmental sampling of the area surrounding the existing
tailings dam. No contamination, or a higher incidence of disease in the
neighbouring population, has been identified.

 

Anglo Asian has been operating at Gedabek since 2009 and is proud of its
long-standing and strong community relations, particularly its significant
social and economic contribution to the local area which was historically
impoverished with low levels of employment. Accordingly, the sudden unrest
over the location of the second tailings dam was unexpected. Nevertheless, the
Company, in collaboration with the Government, has agreed to a re-evaluation
of the technical and environmental aspects of its second tailings dam,
including the proposed location and other related matters (the "Environmental
Study").

 

The Environmental Study will be carried out by an independent international
consultancy under the auspices of the Ministry of Ecology and Natural
Resources. The Company's local environmental engineers, CQA International, and
its independent tailings management consultants, Knight Piésold, will assist
in the process. The Company is currently agreeing a protocol with the
Government for how the Environmental Study will be carried out, which it
expects to finalise in the coming days. Whilst the Environmental Study is
being finalised, and any identified remedial work is completed, the Company
expects to curtail the parts of its Gedabek operation which result in
discharge into its existing tailings dam (primarily being the operation of its
flotation and agitation leaching plants). Details of the protocol will be
published when finalised, and the Company will revise its production guidance
accordingly.

 

The Company has full confidence in its complete compliance with all relevant
local laws and regulations. The health, safety and well-being of its workforce
and local stakeholders is of paramount importance to the Company, underpinning
the governance of its operations. It also follows global best practice and
upholds all international standards and guidelines. Its tailings dams are
constructed and managed to ICMM standards, the industry benchmark of best
practice.

 

The Company has also received technical assurance that the wall of the current
dam can be raised, which the Government has agreed to subject to the usual
approvals and the completion of the Environmental Study. The Company is
therefore confident it has sufficient tailings capacity whilst the second
tailings dam is constructed.

 

The Company will provide updates of progress and further developments in the
re-evaluation of the location and other technical aspects of its second
tailings dam as appropriate.

 

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

Notes to editors

 

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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