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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
  -2.50 -2.78% 87.50 85.00 90.00 87.50 87.50 87.50 74,106 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 68.4 9.3 4.8 16.7 100

Anglo Asian Mining PLC Q2 & H1 2022 Production and Operations review

14/07/2022 7:00am

UK Regulatory (RNS & others)


Anglo Asian Mining (LSE:AAZ)
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RNS Number : 4124S

Anglo Asian Mining PLC

14 July 2022

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

14 July 2022

Anglo Asian Mining plc

Q2 & H1 2022 Production and Operations review

Production of 15,052 gold equivalent ounces in Q2 2022

Parliamentary ratification granted for three new Contract Areas

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for the three months to 30 June 2022 ("Q2 2022") and six months to 30 June 2022 ("H1 2022").

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

Operational update

-- On 5 July 2022, amendments to the Company's Production Sharing Agreement were signed into law granting the Company three new Contract Areas as announced on 29 September 2021

o Xarxar, Garadagh and Demirli, the three new Contract Areas, cover a combined area of 882 square kilometres

Q2 2022 Production update

   --    Gold production totalled 10,866 ounces (Q2 2021: 12,340 ounces) 
   --    Copper production totalled 715 tonnes (Q2 2021: 695 tonnes) 
   --    Silver production totalled 48,810 ounces (Q2 2021: 43,565 ounces) 
   --    Total production of 15,052 GEOs (Q2 2021: 16,740 GEOs) 

H1 2022 Production update

   --    Gold production totalled 20,906 ounces (H1 2021: 24,247 ounces) 
   --    Copper production totalled 1,283 tonnes (H1 2021: 1,333 tonnes) 
   --    Silver production totalled 99,499 ounces (H1 2021: 78,980 ounces) 
   --    Total production of 28,772 GEOs (H1 2021: 32,171 GEOs) 

Q2 2022 sales and cash update

   --    Cash of $21.1 million at 30 June 2022 (31 March 2022: $29.4 million) 

-- Inventory valued at $15.6 million as at 30 June 2022 (7,000 ounces of gold valued at $12.7 million and copper concentrate valued at $2.9 million)

Reza Vaziri, Chief Executive Officer of Anglo Asian, commented :

"We are delighted to have received Parliamentary Ratification for the new contract areas in early July, allowing our team access to the Garadagh and Xarxar sites. We are now working on our three-year production plan and to summarise our resources. The three new contract areas transform our asset base, and we are excited to begin our transition into a copper focused miner.

"We are also pleased to have reported solid rates of production during quarter two and the first half of 2022, with quarter two being slightly above quarter one and both generally being consistent with last year. This is despite lower grades at Gedabek due to the resource nearing the end of its life.

"The Company remains focused on developing Vejnaly and the Hasan vein at Gosha, both of which we anticipate entering production in H2 2022, as well as bringing the major new mine at Zafer into production in 2023."

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:

 
 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 
                   ------------------------------  ---------------------- 
 Adam Cowl          SP Angel Corporate Finance      Tel + 44 (0) 20 3470 
                     LLP                             0470 
                     Nominated Adviser and Broker 
                   ------------------------------  ---------------------- 
 Charlie Jack       Hudson Sandler                  Tel: +44(0) 20 7796 
                                                     4133 
                   ------------------------------  ---------------------- 
 Harry Griffiths    Hudson Sandler                  Tel: +44(0) 20 7796 
                                                     4133 
                   ------------------------------  ---------------------- 
 

Notes to editors:

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 produced 64,610 gold equivalent ounces ("GEOs") for the year ended 31 December 2021.

In December 2021, the Company undertook a private placement which acquired 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). The transaction was completed in January 2022. 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.

On 5 July 2022, the Government of Azerbaijan ratified amendments to its Production Sharing Agreement, granting Anglo Asian three additional concessions totalling a combined area of 882 square kilometres. This includes the Garadagh porphyry copper deposit, with a Soviet classified resource of over 300,000 tonnes of copper. The acquisition of these concessions is transformational to Anglo Asian's asset portfolio and underpins the strategic target of transitioning into a mid-tier copper focused miner.

https://www.angloasianmining.com/

Appendix

Q2 2022 Production Overview

   --    Total production of 15,052 GEOs (Q2 2021: 16,740 GEOs) 
   --    Gold production totalled 10,866 ounces (Q2 2021: 12,340 ounces): 

o 10,137 ounces contained within gold doré

o 14 ounces from SART processing

o 715 ounces from flotation

   --    Copper production totalled 715 tonnes (Q2 2021: 695 tonnes): 

o 168 tonnes from SART processing

o 547 tonnes from flotation processing

   --    Silver production totalled 48,810 ounces (Q2 2021: 43,565 ounces): 

o 7,620 ounces contained within gold doré

o 25,548 ounces from SART processing

o 15,642 ounces from flotation

H1 2022 Production Overview

   --    Total production of 28,772 GEOs (H1 2021: 32,171 GEOs) 
   --    Gold production totalled 20,906 ounces (H1 2021: 24,247 ounces): 

o 19,100 ounces contained within gold doré

o 26 ounces from SART processing

o 1,780 ounces from flotation

   --    Copper production totalled 1,283 tonnes (H1 2021: 1,333 tonnes): 

o 356 tonnes from SART processing

o 927 tonnes from flotation processing

   --    Silver production totalled 99,499 ounces (H1 2021: 78,980 ounces): 

o 15,194 ounces contained within gold doré

o 50,656 ounces from SART processing

o 33,649 ounces from flotation

Operations Review

The Company mined the following ore in the six months ended 30 June 2022:

 
                   12 months to           3 months to           3 months to 
                  31 December 2021       31 March 2022          30 June 2022 
                            Average               Average               Average 
                      Ore      gold                  gold                  gold 
 Mine               mined     grade   Ore mined     grade   Ore mined     grade 
                 (tonnes)     (g/t)    (tonnes)     (g/t)    (tonnes)     (g/t) 
               ----------  --------  ----------  --------  ----------  -------- 
 Open pit       1,815,857      0.74     469,500      0.52     441,041      0.47 
 Gadir - u/g      115,943      1.91      30,712      1.44      36,295      1.43 
 Gedabek - 
  u/g             248,792      1.42      77,937      1.60     111,827      1.25 
               ----------  --------  ----------  --------  ----------  -------- 
 Total          2,180,592      0.80     578,149      0.71     589,163      0.68 
=============  ==========  ========  ==========  ========  ==========  ======== 
 

The Company processed the following amounts and grades of ore by leaching for FY 2021 and H1 2022:

 
 Quarter ended                  Ore processed                   Gold grade of ore processed 
                    -------------------------------------  ------------------------------------ 
                         Heap         Heap                      Heap         Heap 
                         leach        leach     Agitation       leach        leach    Agitation 
                      pad crushed    pad ROM     leaching    pad crushed    pad ROM    leaching 
                          ore          ore        plant*         ore          ore       plant* 
                       (tonnes)      (tonnes)    (tonnes)       (g/t)        (g/t)      (g/t) 
                    -------------                          -------------  ---------  ---------- 
 31 March 2021         110,612       258,097     154,373        0.90         0.61       1.92 
 30 June 2021          154,619       177,369     164,288        0.81         0.59       1.64 
 30 September 
  2021                 154,112       194,816     171,029        0.79         0.51       1.65 
 31 December 2021      113,623       309,374     151,701        0.68         0.49       1.53 
                    -------------  ----------  ----------  -------------  ---------  ---------- 
 FY 2021               532,966       939,656     641,391        0.80         0.54       1.68 
------------------  -------------  ----------  ----------  -------------  ---------  ---------- 
 31 March 2022         115,173       273,577     144,275        0.75         0.48       1.63 
                    -------------  ----------  ----------  -------------  ---------  ---------- 
 30 June 2022           82,814       299,168     162,239        0.78         0.53        1.4 
                    -------------  ----------  ----------  -------------  ---------  ---------- 
 H1 2022               197,987       572,745     306,514        0.76         0.51       1.48 
------------------  -------------  ----------  ----------  -------------  ---------  ---------- 
 

* includes previously heap leached ore.

The Company processed the following amounts of ore and contained metal by flotation for FY 2021 and H1 2022:

 
 Quarter ended       Ore processed   Gold content   Silver content   Copper content 
                       (tonnes)        (ounces)        (ounces)         (tonnes) 
                    --------------  -------------  ---------------  --------------- 
 31 March 2021          111,060          920            15,782            652 
 30 June 2021           116,910         1,251           23,870            596 
 30 September 
  2021                  121,283         1,231           19,939            519 
 31 December 2021       129,384         1,856           28,480            762 
                    --------------  -------------  ---------------  --------------- 
 FY 2021                478,637         5,258           88,071           2,529 
------------------  --------------  -------------  ---------------  --------------- 
 31 March 2022          104,475         1,921           33,522            577 
                    --------------  -------------  ---------------  --------------- 
 30 June 2022           114,099         1,293           24,209            745 
                    --------------  -------------  ---------------  --------------- 
 H1 2022                218,574         3,214           57,731           1,322 
------------------  --------------  -------------  ---------------  --------------- 
 

The following table summarises gold doré production and sales at Gedabek for FY 2021 and H1 2022:

 
Quarter ended     Gold produced*        Silver      Gold sales**   Gold Sales 
                     (ounces)          produced*      (ounces)        price 
                                       (ounces)                     ($/ounce) 
 
31 March 2021         11,541            4,916          5,635         1,697 
30 June 2021          11,789            5,921          13,947        1,808 
                ------------------  -------------  -------------  ------------ 
H1 2021               23,330            10,837         19,582        1,776 
                ------------------  -------------  -------------  ------------ 
30 Sept 2021          12,314            5,473          6,828         1,815 
31 Dec 2021           10,561            5,430          13,153        1,825 
                ------------------  -------------  -------------  ------------ 
H2 2021               22,875            10,903         19,981        1,821 
                ------------------  -------------  -------------  ------------ 
FY 2021               46,205            21,740         39,563        1,799 
--------------  ------------------  -------------  -------------  ------------ 
31 March 2022         8,963             7,574          7,519         1,904 
                ------------------  -------------  -------------  ------------ 
30 June 2022          10,137            7,620          3,754         1,895 
                ------------------  -------------  -------------  ------------ 
H1 2022               19,100            15,194         11,273        1,901 
--------------  ------------------  -------------  -------------  ------------ 
Note 
 
 

* including Government of Azerbaijan's share

** excluding Government of Azerbaijan's share

Gold and silver production from agitation and heap leaching for H1 2022 is as follows:

 
 Quarter                        Gold                               Silver 
  ended 
--------------- 
                  Agitation     Heap        Total     Agitation     Heap        Total 
                   leaching    leaching                leaching    leaching 
                   (ounces)    (ounces)    (ounces)    (ounces)    (ounces)    (ounces) 
---------------  ----------  ----------  ----------  ----------  ----------  ---------- 
 31 March 2022      5,674       3,289       8,963       4,803       2,771       7,574 
                 ----------  ----------  ----------  ----------  ----------  ---------- 
 30 June 2022       6,196       3,941      10,137       4,654       2,966       7,620 
                 ----------  ----------  ----------  ----------  ----------  ---------- 
 H1 2022           11,870       7,230      19,100       9,457       5,737      15,194 
---------------  ----------  ----------  ----------  ----------  ----------  ---------- 
 

The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2021 and H1 2022:

 
                             Concentrate    Copper      Gold      Silver 
                             production*   content*   content*   content* 
                                (dmt)      (tonnes)   (ounces)   (ounces) 
                            ------------  ---------  ---------  --------- 
 2021 
 Quarter ended 31 March 
 SART processing                 473         276         13       19,850 
 Flotation                      2,375        362        353       10,599 
                            ------------  ---------  ---------  --------- 
 Total                          2,848        638        366       30,449 
                            ------------  ---------  ---------  --------- 
 
 Quarter ended 30 June 
 SART processing                 512         301         12       22,428 
 Flotation                      2,652        394        539       15,216 
                            ------------  ---------  ---------  --------- 
 Total                          3,164        695        551       37,644 
                            ------------  ---------  ---------  --------- 
 
 Quarter ended 30 Sept 
 SART processing                 503         265         13       19,526 
 Flotation                      2,600        308        517       11,913 
                            ------------  ---------  ---------  --------- 
 Total                          3,103        573        530       31,439 
                            ------------  ---------  ---------  --------- 
 
 Quarter ended 31 December 
 SART processing                 338         193         16       16,414 
 Flotation                      3,584        550       1,012      16,829 
                            ------------  ---------  ---------  --------- 
 Total                          3,922        743       1,028      33,243 
                            ------------  ---------  ---------  --------- 
 
 2022 
 Quarter ended 31 March 
 SART processing                 330         188         12       25,108 
 Flotation                      2,586        380       1,065      18,007 
                            ------------  ---------  ---------  --------- 
 Total                          2,916        568       1,077      43,115 
                            ------------  ---------  ---------  --------- 
 Quarter ended 30 June 
 SART processing                 316         168         14       25,548 
 Flotation                      3,811        547        715       15,642 
                            ------------  ---------  ---------  --------- 
 Total                          4,127        715        729       41,190 
                            ------------  ---------  ---------  --------- 
 

Note

* including Government of Azerbaijan's share.

Certain amounts for SART and flotation production may differ to those previously disclosed due to final reconciliation of production.

The following table summarises total copper concentrate production and sales for FY 2021 and H1 2022. Note that sales of concentrates are initially recorded at provisional amounts until agreement of final assay:

 
 
                  Concentrate    Copper      Gold      Silver    Concentrate     Concentrate 
                  production*   content*   content*   content*     sales**        sales** 
                     (dmt)      (tonnes)   (ounces)   (ounces)      (dmt)         ($000) 
 Quarter ended 
 
 31 March 2021       2,848        638        366       30,499         -              - 
 30 June 2021        3,164        695        551       37,644       3,467          9,066 
                 ------------  ---------  ---------  ---------  ------------  -------------- 
 H1 2021             6,012       1,333       917       68,143       3,467          9,066 
                 ------------  ---------  ---------  ---------  ------------  -------------- 
 
 30 Sept 2021        3,103        573        530       31,439       3,549          5,712 
 31 Dec 2021         3,922        743       1,028      33,243       4,132          8,941 
                 ------------  ---------  ---------  ---------  ------------  -------------- 
 H2 2021             7,025       1,316      1,558      64,682       7,681         14,653 
                 ------------  ---------  ---------  ---------  ------------  -------------- 
 FY 2021            13,037       2,649      2,475     132,825      11,148         23,719 
---------------  ------------  ---------  ---------  ---------  ------------  -------------- 
 
 31 March 2022       2,916        568       1,077      43,115       1,477          3,248 
                 ------------  ---------  ---------  ---------  ------------  -------------- 
 30 June 2022        4,127        715        729       41,190       4,642          8,127 
                 ------------  ---------  ---------  ---------  ------------  -------------- 
 H2 2021             7,043       1,283      1,806      84,305       6,119         11,375 
---------------  ------------  ---------  ---------  ---------  ------------  -------------- 
 

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

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