Anglo Asian Mining Share Discussion Threads

[mattjos] 19/1/2017 14:41

Bumpa .. that fits.

Cantor were the seller on behalf of the Bashirov stock &, at that time, were not interested in shifting it in a single block. They shelled it out piecemeal and likely made a fair bit. Particularly after the RNS that declared Bashirov as down to Zero ... they took the rump off him and sold it down into the market themselves, as I understand it so, yes, they seem to be an MM that is willing to deal in size on this order book.

[robo21] 19/1/2017 14:00

Surprised these are not moving strongly north.
With gold over 1200 and recent production update
These must be one of my shares for 2017.

[bumpa33] 19/1/2017 14:00

Mattjos - that was my point re the RSP, often it's not representative of the true book and why I don't rely on it. Cantor are the most 'active' - euphemism - mm out there these days, not just here, hence why I want to know what they're doing. We've got a decent relationship with the desk (not always the case) but will leave the discussion there.

[bleepy] 19/1/2017 13:30

Still on the subject of exploration....

Wider exploration activity continued over the 300 square kilometre Gedabek contract area with positive results from surface mapping and sampling, which has targeted other areas for follow-up work.


Not forgetting 2016 interim report on Ordubad....

Exploration work also continued at the Ordubad contract licence area in the Nakhichevan region of Azerbaijan. During H1 2016, 42 linear metres of trenching was completed. Access was gained by 2,000 metres of road cleaning to reach exploration adits at the Pyazbashi deposit which were developed during the Soviet era. 360 metres of underground rehabilitation was completed, plus portal support infrastructure that allowed 583 metres of channel sampling from which 740 samples were taken that confirmed the presence of gold mineralisation in the quartz-kaolin vein system.

[mattjos] 19/1/2017 12:40

ok, thanks Bumpa. 'Retail' Level 2 suggests a different story.

If that is the case, as you suggest .. With no scheduled news flow for 2 months, they will easily be able to bore PI's out of the stock by pushing it down on negligible volume but, lets see what happens when they get it sub-20p offered

[bumpa33] 19/1/2017 12:25

Mattjos - I've checked again just now (I can't badger them too much or they start asking questions) and Cantors are bid 100k, offering 25 whilst again walking it down. They are covering a position I'm sure - and will probably manage to do it in the absence of news/interest.

It makes no bearing on the fundamental case here, but it is worth noting.

[mattjos] 19/1/2017 09:07

Thanks Petrusgazin for the two posts ... not seen you post here before, have we?
Are you an investor?

[catsick] 19/1/2017 08:55

Here is a very interesting history of Gedabek written by an aaz employee, they used to mine 20pct of the copper in the russian empire and describe the place as a paradise! http://www.visions.az/en/news/528/32f80a81/

[petrusgazin] 19/1/2017 01:46

Also worth noting that the ore from Bittibulag in the 1920s has been very high copper content, that may be why the floatation plant has been needed to be ramped up as that was the planned expansion direction, I think medium term if they were looking at 50/50 split pre the oxide finds they were probably thinking 50k oz gold plus 10,000 ton copper pa type mix , with the new oxide finds giving them a decent ammt of fast to process ore at 5g ton near the surface, they should have a few years of 50-100k oz a year gold production left, that will pay the debt off and then leave them with 20m plus cashflow pre taxes increased gov take, If they can find a new unexploited lens in Bittibalag at 10% copper then increasing copper production 10 fold will be doable....

The below is from historic write up of the pre revolution mine

it was noted that many of the mountains in Gadabay, e.g. Mt. Chalpan and Mt. Bitti Bulag were rich in copper reserves. The analysis revealed that 5-12% of copper ores was pure copper,

[bleepy] 18/1/2017 23:21

Bittibulag Mineral Occurrence

Exploration at Bittibulag has been ongoing since early 2016.

The Bittibulag mineral occurrence is approximately 6 kilometres north-west from the Gedabek open pit. Well within easy transportation to Gedabek open mine processing plant.


With Ugur just 3km away and Bittibulag 6km away from Gedabek processing plant, they could be worked in tandem should the exploration justify.


How will Aaz release resource/reserve updates for Gadir, Ugur and Bittibulag. Separately or other combination. Or perhaps as the results of each are known.


Bill's comment on Aaz becoming 50/50 gold copper from 95/5 at present could mean that copper will increase 10 fold increasing from 5% to 50% and not gold decreasing. Flotation expansion would be well justified
A lot of evidence points to a large porphyry system nearby. What will the exploration reveal.
As mentioned Gedabek open pit, Gadir, Ugur and Bittibulag are a tiny fraction of Gedabek's acreage. Many other prospects have been highlighted on Gedabek in documented reports outlining their potential in resource terms.


Exciting times ahead.

Apologies for hogging the board, just a day off sat in front of the screen.

[bleepy] 18/1/2017 19:18

From 2016 interims Gadir was looking promising as below.... they are now 6mths further into exploring the mine. More of the same please or better

A significant new copper rich zone was discovered, which will be subject to evaluation drilling during H2 2016. In H1 2016, 4 core drill holes (HQ size core) with a total of 441 metres had been completed. These drill holes were designed to confirm and extend mineralisation at Gadir. This drilling yielded positive results with the more significant intercepts being 3.5 metres at 5.1 grammes per tonne of gold; 8 metres at 2.6 grammes per tonne of gold; 4 metres at 4.7 grammes per tonne of gold and 3.4 metres at 4.6 grammes per tonne of gold, with narrower zones up to 14.5 grammes per tonne of gold over 1 metre. An additional 60 drill holes (BQ size core) with a total of 1,435 metres were drilled to define ore zone geometry.

[catsick] 18/1/2017 19:06

I think the old russian data is interesting but we still need to actually find these lenses or decent grade ore and we can only do that by doing lots of drilling, I hope that is where all the future capex concentrates on, the recent holes came up as duds after the first batch of very promising holes at ugur, I think the next year will be a rollercoaster as each new area is drilled and the larger area resource is mapped out, the good thing is that with the plant in place they can quickly turn any find into gold ...

[bleepy] 18/1/2017 18:42

From memory I believe exactly the same occurred last year.

Perhaps pay down higher interest loan and replace with lower interest loan?

Manat continuing to depreciate since free float.

[jeanesy] 18/1/2017 18:31

why would we need another loan ?

[bleepy] 18/1/2017 16:40

Official exchange rate of Azerbaijan’s national currency, the manat, against the US dollar was set at 1.8311 AZN/USD for Jan. 19, the Central Bank of Azerbaijan (CBA) said Jan. 18.

[mattjos] 18/1/2017 16:37

Baku, Azerbaijan, Jan. 18

By Anvar Mammadov – Trend:

The Anglo Asian Mining PLC (AAM), a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan, raised a $1 million loan from Kapital Bank in 4Q16, reads an AAM financial report.

In addition to Kapital Bank, the AAM also received loans from two Azerbaijani banks – the International Bank of Azerbaijan and PASHA Bank.

The AAM net debt was $35.1 million by late 2016 ($37.7 million by late 3Q16). The company’s debt decreased by $14.9 million since early 2016.

The company owes $17.3 million to the Amsterdam Trade Bank, $6.9 million to International Bank of Azerbaijan, $1 million to Kapital Bank, $0.8 million to Atlas Capco, $0.7 million to Yapi Kredi, $5.9 million to PASHA Bank, $3.9 million to AAM CEO Reza Vaziri.

The company produced 65,394 ounces of gold, 1,941 tons of copper and 165,131 ounces of silver in 2016.

Based on a production sharing agreement signed with Azerbaijani government in August 1997, the AAM has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.


Unclear if this is fresh finance or, re-financing to maybe tidy up some of the smaller loans from equipment suppliers.

[bleepy] 18/1/2017 16:33

Anglo Asian Mining gets loan from third Azerbaijani bank

18 January 2017 19:49 (UTC+04:00)


Article is locked requires password...anybody.

No doubt we'll have news soon.

[mattjos] 18/1/2017 16:28

They also commented that the rock was soft and drilling had only used one drill bit.
If the Jurassic rock noted by Dolbear is anything like the Jurassic coastline in UK, it would also be soft and easy to drill.

What may lie beneath the oxide cap at Ugur is, I am sure, the $64m question & why they are focussing their efforts to drill deeper and see if they can locate a larger massive sulphide lens deeper down.
If they do, then we will have plenty of both Gold & Copper (Silver & Zinc possible) to go at in the future.
Am sure that Stephen Westhead has been poring over the earlier Russian exploration data with his Azerbaijani team to determine where it/they may be.

Not too long to wait before we get more details

[bleepy] 18/1/2017 16:26

From the latest Ugur exploration report...

Encouraging results have been received from the newly discovered Ugur deposit which enhance the Company's understanding of the deposit and show that the oxide zone extends deeper than initially determined by previous drilling.


How deep and what grades will no doubt be the focus of their exploration.

[bleepy] 18/1/2017 15:54

Thanks Mattjos, another comment you made following those posts was that the large porphyry system that could be located nearby might well lie below the present operations at Gedabek. That is an interesting thought.
As you have mentioned many times, Stephen Westhead has been made part of the team for good reason more so his knowledge of Russian geology.

[scottishfield] 18/1/2017 15:36

V interesting indeed, tks bleepy & Matt

[mattjos] 18/1/2017 15:35

bleepy, I guarantee you that the link to the Bittibulag Ore type & Analysis was NOT protected in any way before now.

That is why I posted it and why I have repeatedly said that AAZ know full well what is at Bittibulag & how to process the ore & I believe have known for a long time.