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Anglo Asian Mining (LSE:AAZ) has announced an interest reduction on a US$15 million loan amidst concern over production volume. The AIM listed mining firm secured the reduction from the International Bank of Azerbaijan after completing an initial loan repayment of US$2 million.
With mining interests in Caucasia and Central Asia, Anglo Asian commenced gold production in May 2009 before expanding to include copper production. Scheduled for completion in June 2013, the loan forms part of Anglo Asian’s ambition to become a mid-tier gold and base metal producer.
Improved Production Techniques
The new initiatives are set to increase the “acceleration of waste removal to open up new areas of oxide ore which have characteristics more suitable to the heap leach process” and crush ore to “become more accessible to cyanide leaching”.
Whilst not meeting internal targets Anglo Asian stated that “the latest drilling programme has enabled the Company to gain a better understanding of the metallurgy of the current resource at Gedabek to help assess future mineral processing options” Commentating on current production volumes, Anglo Asian CEO Reza Vaziri argued that the “these latest drilling results covering the existing pit continue to demonstrate consistent solid gold, silver and copper grades and continuity of mineralisation at Gedabek.”
Currently with a market cap of 42.72 m, Anglo Asian’s expansion plans seek to exploit their ‘first mover’ advantage in the Azerbaijan region to locate and start operating additional projects alongside current operations. These plans include further investigations of potential anomalies in Gedabek Contract Area discovered by remote sensing technology.
References
↑ Anglo Asian
↑ Anglo Asian
