We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5.00 | 7.87% | 68.50 | 67.00 | 70.00 | 68.50 | 62.10 | 63.50 | 274,545 | 15:41:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 84.72M | 3.66M | 0.0320 | 21.41 | 78.26M |
From Apr 2022 to Apr 2024
TIDMAAZ
RNS Number : 7158C
Anglo Asian Mining PLC
13 October 2022
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
13 October 2022
Anglo Asian Mining plc
Q3 and 9M 2022 Production and Operations review
Production of 14,309 gold equivalent ounces in Q3 2022
Cash of $15.3 million at 30 September 2022
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM-listed gold, copper and silver producer operating in Azerbaijan, is pleased to provide a production, sales and operations review for the three and nine months to 30 September 2022 ("Q3 2022" and "9M 2022" respectively).
Operational update
-- Transformational acquisition of rights to three new concessions with significant copper reserves was passed into law on 5 July 2022
-- Zafar mine design has advanced well
o Portal location has been identified close to the processing facilities
o Geotechnical drilling is complete, with drill core testing underway
o Underground mining fleet and ancillary equipment have been selected for purchase
Production update
Hot Features
Premium
-- Q3 2022 production of 14,309 gold equivalent ounces ("GEOs") (Q3 2021: 16,316 GEOs)
-- 9M 2022 total production of 43,081 GEOs (9M 2021: 48,487 GEOs)
-- Full Year 2022 ("FY 2022") production guidance of 54,000 to 58,000 GEOs maintained
Cash and inventory update
-- Cash of $15.3 million at 30 September 2022 (30 June 2022: $21.2 million) with the following payments made in Q3 2022
o Final 2021 dividend of $4.0 million
o Profits tax of $0.3 million
o Further investment of $0.8 million in Libero Copper & Gold Corporation
o $1.2 million paid for the acquisition of exploration data and associated studies and reports relating to Garadagh and Xarxar from AzerGold
-- An interim dividend for 2022 of US 4 cents ( Sterling 3.5559 pence) per ordinary share will be paid gross to shareholders on 3 November 2022
-- The Company had inventory at market value of $15.5 million at 30 September 2022 (gold and silver bullion of $11.8 million and copper concentrate of $3.7 million)
Anglo Asian CEO Reza Vaziri commented:
"The Company is delighted to report a good third quarter and year to date performance. Production figures remain robust, with total production of 14,309 gold equivalent ounces in the quarter, which remains largely in line with the output in the same period in the previous year. Copper production totalled 609 tonnes and silver totalled 45,063 ounces, an increase in production relative to the prior year period.
"We are also pleased to report an excellent advancement of the new mine at Zafar. Geotechnical drilling is complete, and the drill core is now in the process of being tested. We remain on track to bring Zafar into production in 2023.
"We look forward to updating the market on our strategy for developing of our new mines and the three new license areas in due course."
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
Adam Cowl LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Charlie Jack Hudson Sandler Tel: +44(0) 20 7796
Harry Griffiths 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/
Production overview
Q3 2022
-- Total production of 14,309 GEOs (Q3 2021: 16,316 GEOs) -- Gold production of 11,087 ounces (Q3 2021: 12,847 ounces):
o 10,473 ounces contained within gold doré
o 33 ounces from sulfidisation, acidification, recycling and thickening ("SART") processing
o 581 ounces from flotation processing
-- Copper production totalled 609 tonnes (Q3 2021: 573 tonnes):
o 208 tonnes from SART processing
o 401 tonnes from flotation processing
-- Silver production totalled 45,063 ounces (Q3 2021: 36,912 ounces):
o 6,949 ounces contained within gold doré
o 24,020 ounces from SART processing
o 14,094 ounces from flotation processing
9M 2022
-- Total production of 43,081 GEOs (9M 2021: 48,487 GEOs) -- Gold production of 31,993 ounces (9M 2021: 37,096 ounces) -- Copper production totalled 1,892 tonnes (9M 2021: 1,906 tonnes) -- Silver production totalled 144,562 ounces (9M 2021: 115,843 ounces)
Sales
-- Q3 2022 gold bullion sales of 10,000 ounces at an average of $1,727 per ounce (Q3 2021: 6,828 ounces sold at an average of $1,815 per ounce)
-- Q3 2022 copper concentrate shipments totalled 1,618 dry metric tonnes ("dmt") with a sales value of $3.1 million (excluding Government of Azerbaijan profit share) (Q3 2021: 3,549 dmt with a sales value of $5.7 million)
Company financials
-- The Company had cash of $15.3 million at 30 September 2022 ($21.2 million at 30 June 2022). The Company made the following payments in Q3 2022
o Final dividend for 2021: $4.0 million
o Profits tax: $0.3 million
o Further investment in Libero Copper & Gold Corporation: $0.8 million
o Data purchase from AzerGold: $1.2 million
Zafar mine update
-- Mine design and geotechnical sampling for construction planning is well advanced for the Zafar mine
-- A site for the portal has been identified close to the Company's existing processing facilities and about 1,000 metres from the planned underground gallery. Geotechnical drilling has been completed and the drill core is now being tested
-- Underground mining equipment has been selected with the major drilling equipment being supplied by Epiroc and the mining and loading equipment being supplied by Caterpillar. The procurement of auxiliary and support is also well advanced from regional suppliers mainly located in Turkey
Gedabek - mining, detailed production and sales
The Company mined the following amounts and grades of ore in the nine months to 30 September 2022:
6 months to 3 months to 9 months to
30 June 2022* 30 September 2022 30 September 2022
Average Average Average
gold gold gold
Mine Ore mined grade Ore mined grade Ore mined grade
(tonnes) (g/t) (tonnes) (g/t) (tonnes) (g/t)
---------- -------- ----------- -------- ----------- --------
Open pit 910,541 0.50 360,730 0.36 1,277,271 0.46
Gadir - u/g 67,007 1.43 33,452 1.39 100,459 1.42
Gedabek -
u/g 189,764 1.24 110,102 1.12 299,866 1.19
---------- -------- ----------- -------- ----------- --------
Total 1,167,312 0.67 504,284 0.59 1,677,596 0.65
------------- ---------- -------- ----------- -------- ----------- --------
* There have been some minor changes to the previously reported figures following the reconciliation of ore stockpiles.
The Company processed the following amounts and grades of ore by leaching for FY 2021 and Q1 to Q3 2022:
Quarter ended Ore processed Gold grade of ore processed
---------------------------------- --------------------------------
Heap Heap Heap Heap
leach leach leach leach
pad pad Agitation pad pad Agitation
crushed ROM leaching crushed 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
--------------- ---------- ---------- ---------- ---------- -------- ----------
30 September
2022 92,398 302,714 162,669 0.81 0.57 1.42
--------------- ---------- ---------- ---------- ---------- -------- ----------
* includes previously heap leached ore.
The Company processed the following amounts of ore and contained metal by flotation for FY 2021 and Q1 to Q3 2022 :
Ore processed Gold content Silver Copper
Quarter ended content 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
--------------- -------------- ------------- --------- ---------
30 September
2022 150,867 1,314 18,141 724
--------------- -------------- ------------- --------- ---------
The following table summarises gold doré production and sales at Gedabek for FY 2021 and Q1 to Q3 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 September
2021 12,314 5,473 6,828 1,815
31 December
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
-------------- ------------------ ------------- ------------- ---------------
30 September
2022 10,473 6,949 10,000 1,727
-------------- ------------------ ------------- ------------- ---------------
Note
* including Government of Azerbaijan's share
** excluding Government of Azerbaijan's share
The gold and silver production from agitation and heap leaching for Q3 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
--------------- ---------- ---------- ---------- ---------- ---------- ----------
30 Sept 2022 5,517 4,956 10,473 3,673 3,276 6,949
---------- ---------- ---------- ---------- ---------- ----------
The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2021 and Q1 to Q3 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 September
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
------------ --------- --------- ---------
Quarter ended 30 September
SART processing 367 208 33 24,020
Flotation 2,805 401 581 14,094
------------ --------- --------- ---------
Total 3,172 609 614 38,114
------------ --------- --------- ---------
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 Q1 to Q3 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 September
2021 3,103 573 530 31,439 3,549 5,712
31 December
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 2022 7,043 1,283 1,806 84,305 6,119 11,375
--------------- ------------ --------- --------- --------- ------------ --------------
30 September
2022 3,172 609 614 38,114 1,718 3,378
--------------- ------------ --------- --------- --------- ------------ --------------
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
**ENDS**
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.
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.
END
UPDZZMMGLZGGZZM
(END) Dow Jones Newswires
October 13, 2022 02:00 ET (06:00 GMT)
1 Year Anglo Asian Mining Chart |
1 Month Anglo Asian Mining Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
