REG - Anglo Asian Mining - Production commences at Demirli

Anglo Asian MiningAnnouncement

21/07/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250721:nRSU7412Ra&default-theme=true

RNS Number : 7412R  Anglo Asian Mining PLC  21 July 2025

 

21 July 2025

Anglo Asian Mining plc

Production commences at Demirli

Second new mine to enter production during 2025 which underpins Anglo Asian's
strategy to become a multi-asset, mid-tier copper producer

 

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan is pleased to announce the
start of commissioning and first production from the Demirli copper mine in
the Karabakh Economic Region of Azerbaijan. Commissioning is ongoing with
production expected to ramp up until the end of this year.

 

The Company forecasts that Demirli will produce approximately 4,000 tonnes of
copper in concentrate during 2025. From 2026 onwards, production is expected
to increase to approximately 15,000 tonnes of copper per annum. The life of
mine will be determined following the future development of the geological and
mineral resource model.

The Demirli mine

 

Demirli Overview

 

 ·         Ore is mined from a large open pit and hauled by truck to the flotation plant.
           Electrical power is supplied to the plant by the Azerbaijani national power
           grid and water is obtained from local and regional sources. Water and
           flotation tailings are currently being discharged into the existing tailings
           dam as an interim measure. A full geotechnical programme has been completed
           for a new tailings dam location and the tailings dam embankment and pipeline
           route designs are completed.

 ·         A full environmental and social impact assessment ("ESIA") has been completed
           for the Demirli project, further to initial environmental benchmark studies
           undertaken when the Demirli property was first awarded to the Company. In
           keeping with the Company's focus on environmental, social and governance
           ("ESG") management, Anglo Asian recently received its inaugural sustainability
           rating from Digbee Limited, an independent provider of ESG disclosure and
           benchmarking for the mining sector, which was announced on 24 June 2025.

 ·         Approximately 150 new full-time employees have been recruited to operate the
           mine and plant, and about an additional 50 experienced employees have been
           transferred from the Company's other operations to ensure a smooth ramp up of
           production. A variety of contractors are also on site, all under the
           supervision of the Company's technical and administrative teams.

 

There is significant potential for additional mineral resources at Demirli,
with already known extensions to the current pit area, together with other
nearby copper targets being identified for future evaluation. A regional
exploration programme will be carried out in due course.

 

Further information regarding the Company's operations at Demirli are
contained in the Company's RNS dated 11 November 2024, which can be accessed
at
https://www.londonstockexchange.com/news-article/AAZ/access-to-demirli/16757009
(https://www.londonstockexchange.com/news-article/AAZ/access-to-demirli/16757009)
.

Flotation processing equipment at the Demirli plant

 

Anglo Asian CEO Reza Vaziri commented:

"I am very proud to announce the commencement of production from Demirli. It
is hard to overstate the achievement of starting production from Demirli in
such a short time. I would like to thank everybody involved for their efforts
including all our employees and contractors. I would like to express further
appreciation and thanks to our PSA partner, AzerGold Closed Joint Stock
Company, and the Government of Azerbaijan, who greatly assisted with
permitting and administrative functions to allow the fast-track development of
Demirli.

 

"Production from Demirli is a significant step in the Company transitioning
into a multi-asset, mid-tier mining company focused in Azerbaijan. The Company
is a first mover in the mining industry in Azerbaijan and continues to assist
the Government to develop and grow its minerals extractive industry. Demirli,
in particular, will contribute to the renaissance of the Karabakh Economic
Region.

 

"We are expecting production from Demirli to ramp up this year to about 4,000
tonnes of copper, which will significantly increase our total copper
production in 2025. The Company looks forward to issuing revised production
guidance for 2025 in due course."

 

Note that all references to "$" are to United States dollars.

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

 Kristina Gaysina

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 16,760 gold equivalent ounces ("GEOs") for the year
ended 31 December 2024. In the six months to 30 June 2025, the Company
produced 16,378 GEOs.

 

The Company's strategic plan for growth shows a clearly defined path for the
Company to transition to a multi-asset, mid-tier, copper and gold producer by
2030, by which time copper will be the principal product of the Company, with
forecast annual production of around 50,000 to 55,000 tonnes of copper. It
plans to achieve this growth by bringing into production three new mines
during the period 2027 to 2030 at Xarxar, Garadag and Zafar, in addition to
the newly commissioned Gilar and Demirli mines. Production commenced at the
Gilar mine from May 2025.

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  MSCEAKXPFESSEFA