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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Anglo Asian Mining Plc | LSE:AAZ | London | Ordinary Share | GB00B0C18177 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -3.10 | -4.80% | 61.50 | 60.00 | 63.00 | 64.50 | 61.50 | 64.50 | 31,358 | 16:02:17 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 84.72M | 3.66M | 0.0320 | 20.16 | 73.69M |
From Apr 2019 to Apr 2024
TIDMAAZ
RNS Number : 2858R
Anglo Asian Mining PLC
29 June 2020
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
29 June 2020
Anglo Asian Mining PLC
Annual General Meeting - responses to questions submitted to the Company
Prior to the meeting
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused on Azerbaijan, is pleased to provide responses to questions it has received from shareholders.
Hot Features
Premium
QUESTION FROM SHAREHOLDER COMPANY RESPONSE
How are you planning to grow There are three pillars to the
the Company and increase shareholders Company's growth strategy:
value and increase annual production * Find and develop new deposits in its existing
over 100,000 gold equivalent concessions
ounces?
* Obtain and develop further concessions in Azerbaijan
* Pursue opportunities outside Azerbaijan
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What can the Company do about It is not appropriate for the
market makers always having Company to talk to its market
a 10p spread on their buy and makers about their pricing as
sell price? they do not act for the Company
and have no obligations to the
Companies in which they trade.
However, the Company is currently
reviewing its options with regards
to how its shares are traded.
-----------------------------------------------------------------
When are you going to give information The Company is already starting
on the PSA renewal? the process of renewing its
PSA and it believes this will
be routine Please refer to the
letter from Reza Vaziri (CEO)
to shareholders dated 23 June
2020 which was released via
RNS.
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What initiatives have management The Company does not comment
taken to address the undervalued on its share price, although
share price? the Board continue to develop
a strategy that has been outlined
in recent announcements in order
to maximise shareholder value.
-----------------------------------------------------------------
Is the Company considering issuing No. Trading volumes are healthy
bonus shares or a share split when compared to other AIM listed
to increase liquidity and its companies.
share price?
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We were told last year that Please refer to the letter from
the Company was in discussions Reza Vaziri (CEO) to shareholders
with the Government of Azerbaijan dated 23 June 2020 which was
which everybody assumed was released as an RNS.
either a takeover of the Company
or it acquiring its assets in
Azerbaijan. Are these discussions
still taking place and if so,
when are we going to hear about
what has been said?
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If the exploration continues Exploration is anticipated to
to go well at Ordubad, approximately take two to three years assuming
when would you anticipate construction full access, followed by reserve
of a mine and subsequent first estimation and mine construction
pour of gold? Is an annual production which would take an addition
of 250,000 ounces feasible? one to two years.
For the principal gold assets
feasibility is a future component
of the project. Our current
exploration strategy is also
targeting the porphyry-style
copper, or copper-gold, mineralisation.
Deposits of this type typically
contain resources of 100 to
350 million tonnes at grades
of 0.30 to 0.55 per cent. copper.
Additionally, the Company has
identified a number of high-grade
gold occurrences (refer to the
Company's 2019 Ordubad exploration
reports) which if progressed
to a low cost production unit
may themselves possibly yield
gold in the range of 20,000
to 50,000 ounces per year.
However, until exploration and
feasibility studies are completed,
it is impossible to say what
level of production is capable
of being sustained and the timescales
for this.
-----------------------------------------------------------------
The five new exploration targets, Assuming these discoveries are
when they come on stream from viable, it is likely that gold
2022 - 2025 will increase the production will increase. The
gold output of the company significantly. scale of increase and timing
Could you give some approximate of production is dependent on
indication of the scale of increase exploration results. 100,000
that might be expected if all ounces or more per year output
goes well and also the timing is the next target and the Company
- for example when would you will continue to work on its
hope that output would reach development to attain the targets
or exceed 100 000 ounces / year? as soon as possible.
-----------------------------------------------------------------
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 until the release of this announcement.
**S**
For further information please contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
------------------------------ ----------------------
Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
------------------------------ ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Camilla Horsfall Blytheweigh Financial Tel: + 44(0) 20 7138
3224
------------------------------ ----------------------
Megan Ray Blytheweigh Financial Tel: + 44(0) 20 7138
3224
------------------------------ ----------------------
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the Lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009. Mining at Gedabek was initially from its main open pit which is an open cast mine with a series of interconnected pits. The Company also operates the high grade Gadir underground mine which is co-located at the Gedabek site. In September 2017, production commenced at the Ugur open pit mine, a recently discovered gold ore deposit at Gedabek. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.
The Company produced 81,399 gold equivalent ounces ("GEOs") for the year ended 31 December 2019. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies. The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant.
The Company has a production target for the year to 31 December 2020 of 65,000 ounces to 67,000 ounces of gold and 2,200 tonnes to 2,400 tonnes of copper. This total production target expressed as gold equivalent ounces ("GEOs") at budgeted metal prices is between 75,000 GEOs and 80,000 GEOS.
Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties elsewhere in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.
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 or visit www.rns.com.
END
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(END) Dow Jones Newswires
June 29, 2020 02:00 ET (06:00 GMT)
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