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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -0.77% | 64.50 | 62.00 | 67.00 | 65.00 | 64.50 | 65.00 | 58,872 | 09:16:43 |
| 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 2021 to Apr 2024
TIDMAAZ
RNS Number : 2768Y
Anglo Asian Mining PLC
13 January 2022
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
13 January 2022
Anglo Asian Mining plc
Q4 and FY 2021 Operations and production review
FY 2021 Production of 64,610 gold equivalent ounces
Strategic investment in Libero Copper & Gold Corporation - first investment outside of Azerbaijan
Ore from Vejnaly stockpiles processed at Gedabek
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer primarily operating in Azerbaijan, is pleased to provide an operations and production review for the three and twelve months to 31 December 2021 ("Q4 2021" and "FY 2021" respectively).
Note that all references to "US$" are to United States dollars and "CAN$" are to Canadian dollars. An exchange rate of US$1 = CAN$1.29 has been used throughout.
Overview
-- FY 2021 production within guidance of 64,610 gold equivalent ounces ("GEOs") (FY 2020: 67,249 GEOs)
-- Private placement to acquire a strategic interest of 19.9 per cent. in Libero Copper & Gold Corporation ("Libero") completed in December 2021:
o 9.9 per cent. acquired immediately upon closing the subscription agreement for CAN$2.8 million (US$2.2 million)
o 10.0 per cent. providing a total of 19.9 per cent. to be acquired for CAN$3.5 million (US$2.7 million) following approval of the TSX Venture Exchange expected in Q1 2022
-- Assessment of the Vejnaly contract area commenced in December 2021:
o A technical study is underway to determine the commercial viability of commencing production from the existing Vejnaly underground mine in H2 2022
o 10,957 dry metric tonnes of stockpiled ore grading 3.91 grammes per tonne of gold and 0.27 per cent. copper were transported to Gebabek, and processed by agitation leaching, in December 2021 with gold recoveries of 95 per cent. producing 1,308 ounces of gold
-- Cash of US$37.5 million at 31 December 2021 (30 September 2021: US$30.9 million)
o Free cash flow for FY 2021 within the guidance of US$10 million to US$15 million given in September 2021
o Interim dividend for 2021 totalling US$5.2 million paid in November 2021
o CAN$2.8 million (US$2.2 million) paid for 9.9 per cent. of Libero in December 2021
Anglo Asian CEO Reza Vaziri commented:
"I am very pleased with Anglo Asian's operating performance in 2021, comfortably meeting our guidance for the year with total production of 64,610 gold equivalent ounces. This was achieved despite the logistical difficulties and other disruption due to the COVID-19 pandemic in the first half of the year.
"It has been an exciting year for the Company. We are developing new opportunities to grow both in Azerbaijan and abroad, with the three additional contract areas in Azerbaijan, and our recent strategic investment in Libero Copper & Gold Corporation.
We enter 2022 in a strong financial position and will continue to execute our planned growth strategy. I look forward to providing an update on our technical study of the Vejnaly underground mine, with a view to commencing production later this year."
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:
Hot Features
Premium
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
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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
Elfie Kent 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 September 2021, the Company announced a transaction with the Government of Azerbaijan which grants it three additional concessions with a combined area of 882 square kilometres, including the Garadagh porphyry copper deposit, with a Soviet classified resource of over 300,000 tonnes of copper. The transaction is subject to ratification by the parliament of Azerbaijan.
In December 2021, the Company completed a private placement to acquire 19.9 per cent. of Libero Copper & Gold Corporation ("Libero"). 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.
https://www.angloasianmining.com/
Production overview
Q4 2021
-- Total production of 15,949 GEOs (Q4 2020: 16,593 GEOs) -- Gold production of 11,589 ounces (Q4 2020: 13,534 ounces):
o 10,561 ounces contained within gold doré
o 16 ounces from sulfidisation, acidification, recycling and thickening ("SART") processing
o 1,012 ounces from flotation processing
-- Copper production totalled 743 tonnes (Q4 2020: 696 tonnes):
o 193 tonnes from SART processing
o 550 tonnes from flotation processing
-- Silver production totalled 38,673 ounces (Q4 2020: 32,979 ounces):
o 5,430 ounces contained within gold doré
o 16,414 ounces from SART processing
o 16,829 ounces from flotation processing
FY 2021
-- Total production of 64,610 GEOs (FY 2020: 67,249 GEOs) -- Gold production of 48,680 ounces (FY 2020: 56,864 ounces) -- Copper production totalled 2,649 tonnes (FY 2020: 2,591 tonnes) -- Silver production totalled 154,564 ounces (FY 2020: 122,962 ounces)
Sales
-- Q4 2021 gold bullion sales of 13,153 ounces at an average of US$1,825 per ounce (Q4 2020: 18,072 ounces sold at an average of US$1,884 per ounce)
-- Q4 2021 copper concentrate shipments totalled 4,132 dry metric tonnes ("dmt") with a sales value of US$8.9 million (excluding Government of Azerbaijan profit share) (Q4 2020: 4,211 dmt with a sales value of US$6.3 million)
Company financials
-- Cash of US$37.5 million at 31 December 2021 (30 September 2021: US$30.9 million)
o Free cash flow for FY 2021 within the guidance of US$10 million to US$15 million given in September 2021
o Interim dividend for 2021 of US$5.2 million paid in November 2021
o CAN$2.8 million (US$2.2 million) paid for 9.9 per cent. of Libero in December 2021
Strategic investment of 19.9 per cent. in Libero Copper & Gold Corporation
In December 2021, the Company completed a Private Placement to acquire 19.9 per of Libero. Libero is listed on the TSX Venture Exchange ("TSXV") in Canada (ticker: LBC). 9.9 per cent. of Libero was acquired immediately with the remaining 10 per cent. to be acquired following the approval of the TSXV which is expected in Q1 2022. The total cost of the acquisition will be CAN$6.3 million (US$4.9 million).
Libero has an extremely attractive portfolio of exploration assets in mining-friendly jurisdictions in North and South America including Mocoa in Colombia, Big Bulk and Big Red in British Columbia, Canada, and Esperanza in Argentina. Mocoa is one of the world's largest undeveloped Copper-Molybdeum resources. Libero has a very experienced and seasoned board of directors and management team. Its Executive Chairman is Ian Slater, who has founded numerous companies and been involved in the Mining industry for 25 years. The Company's management team is led by Ian Harris, Chief Executive Officer and President, who is a mining engineer with over 20 years' experience leading mining projects worldwide including over 10 years working and living in South America.
Further information can be found at https://www.liberocopper.com/
Anglo Asian has been granted a comprehensive package of participation rights over future share issues of Libero to avoid any dilution of its shareholding. It has also been granted "piggyback" rights, which become effective on the fifth anniversary of the initial subscription and will enable the Company to sell its shares to the public as a secondary offering should Libero sell future shares by way of a prospectus. Anglo Asian will appoint a director to the board of Libero. A technical committee, which will include one Anglo Asian appointee, is being formed to determine the future direction of Libero's exploration programme.
Assessment of the Vejnaly contract area and processing of ore stockpiles
Members of the Company's senior management including Reza Vaziri, Chief Executive Officer and President, travelled to Zangilan in early December 2021 to assess its newly-restored Vejnaly contract area, including the existing underground mine at the site.
Initial investigations of the site have been carried out and surveying of ore stockpiles has been completed. A technical study is underway to determine the commercial viability of commencing production from the existing underground mine in the second half of 2022. The handover of the surface properties and infrastructure in the Vejnaly contract area and related documents etc. from the Government of Azerbaijan is also ongoing. A contract has recently been signed with a de-mining company and work has already started to find and destroy any land mines, or other abandoned munitions from the recent conflict, on the access road to the mine, in the surrounding areas and the underground mine itself, to ensure safety of the whole area prior to the start-up of operations.
10,957 dry metric tonnes of stockpiled Vejnaly ore grading 3.91 grammes per tonne of gold and 0.27 per cent. copper were transported to Gebabek and processed by agitation leaching in December 2021 with gold recoveries of 95 per cent. producing 1,308 ounces of gold.
Final Mineral Resource estimation for Zafar
The final Mineral Resource estimation for Zafar deposit is now scheduled to be released in Q1 2022.
Gedabek - mining, detailed production and sales
Anglo Asian continued to mine its existing sites during the period following the exhaustion of the Ugur open pit in late 2020, in line with the previously announced guidance for the year. Ore stockpiled at Vejnaly was also transported and processed at Gedabek in Q4 2021.
The Company mined the following amounts and grades of ore in the 12 months to 31 December 2021:
9 months to 3 months to 12 months to
30 September 2021 31 December 2021 31 December 2021
Average Average Average
Mine Ore mined gold grade Ore mined gold grade Ore mined gold grade
(tonnes) (g/t) (tonnes) (g/t) (tonnes) (g/t)
---------- ------------ ---------- ------------ ---------- ------------
Open pit 1,290,670 0.78 525,187 0.64 1,815,857 0.74
Gadir - u/g 85,333 1.96 30,610 1.76 115,943 1.91
Gedabek -
u/g 154,026 1.52 94,766 1.25 248,792 1.42
---------- ------------ ---------- ------------ ---------- ------------
Total 1,530,029 0.92 650,563 0.78 2,180,592 0.80
------------- ---------- ------------ ---------- ------------ ---------- ------------
The Company processed the following amounts and grades of ore by leaching for FY 2020 and 2021:
Quarter ended Ore processed Gold grade of ore processed
-------------------------------------- --------------------------------------
Heap leach Heap leach Agitation Heap leach Heap 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 2020 132,731 258,121 163,379 0.84 0.49 2.53
30 June 2020 139,752 134,675 161,079 0.79 0.44 1.95
30 September
2020 168,945 149,031 181,200 0.87 0.50 2.09
31 December 2020 107,852 172,206 177,487 0.89 0.59 1.81
------------- ----------- ---------- ------------- ----------- ----------
FY 2020 549,280 714,033 683,145 0.85 0.51 2.17
------------------ ------------- ----------- ---------- ------------- ----------- ----------
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
------------------ ------------- ----------- ---------- ------------- ----------- ----------
* includes previously heap leached ore.
The Company processed the following amounts of ore and contained metal by flotation for FY 2020 and 2021:
Quarter ended Ore processed Gold content Silver content Copper content
(tonnes) (ounces) (ounces) (tonnes)
-------------- ------------- --------------- ---------------
31 March 2020 126,354 1,860 28,831 622
30 June 2020 132,848 1,459 18,354 762
30 September
2020 123,440 1,565 15,530 741
31 December 2020 110,772 859 8,660 693
-------------- ------------- --------------- ---------------
FY 2020 493,414 5,743 71,375 2,818
------------------ -------------- ------------- --------------- ---------------
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
------------------ -------------- ------------- --------------- ---------------
The following table summarises gold doré production and sales at Gedabek for FY 2020 and 2021:
Gold produced* Silver Gold sales** Gold Sales price
(ounces) produced* (ounces) ($/ounce)
(ounces)
Quarter ended
31 March 2020 15,034 3,852 11,236 1,577
30 June 2020 11,455 3,562 12,743 1,713
-------------- ------------------ ------------- ------------- ----------------
H1 2020 26,489 7,414 23,979 1,649
-------------- ------------------ ------------- ------------- ----------------
30 Sept 2020 14,945 5,487 6,599 1,947
31 Dec 2020 13,276 4,614 18,072 1,884
-------------- ------------------ ------------- ------------- ----------------
H2 2020 28,221 10,101 24,671 1,901
-------------- ------------------ ------------- ------------- ----------------
FY 2020 54,710 17,515 48,650 1,777
-------------- ------------------ ------------- ------------- ----------------
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
-------------- ------------------ ------------- ------------- ----------------
Note
* including Government of Azerbaijan's share
** excluding Government of Azerbaijan's share
The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2020 and 2021:
Concentrate Copper Gold Silver
production* content* content* content*
2020 (dmt) (tonnes) (ounces) (ounces)
Quarter ended 31 March
SART processing 221 114 8 12,895
Flotation 2,773 445 825 17,895
--------------------------- ------------ --------- --------- ---------
Total 2,994 559 833 30,790
--------------------------- ------------ --------- --------- ---------
Quarter ended 30 June
SART processing 267 151 7 10,857
Flotation 2,904 497 573 9,542
--------------------------- ------------ --------- --------- ---------
Total 3,171 648 580 20,399
--------------------------- ------------ --------- --------- ---------
Quarter ended 30 Sept
SART processing 301 165 7 17,148
Flotation 2,965 523 476 8,416 --------------------------- ------------ --------- --------- --------- Total 3,266 688 483 25,564 --------------------------- ------------ --------- --------- --------- Quarter ended 31 December SART processing 421 196 15 21,279 Flotation 2,929 500 243 7,086 --------------------------- ------------ --------- --------- --------- Total 3,350 696 258 28,365 --------------------------- ------------ --------- --------- --------- 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 --------------------------- ------------ --------- --------- ---------
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 2020 and 2021. 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 2020 2,994 559 833 30,790 2,018 2,863
30 June 2020 3,171 648 580 20,399 3,526 4,707
--------------- ------------ --------- --------- --------- ------------ --------------
H1 2020 6,165 1,207 1,413 51,189 5,544 7,570
--------------- ------------ --------- --------- --------- ------------ --------------
30 Sept 2020 3,266 688 483 25,564 2,084 3,377
31 Dec 2020 3,350 696 258 28,365 4,211 6,763
--------------- ------------ --------- --------- --------- ------------ --------------
H2 2020 6,616 1,384 741 53,929 6,295 10,140
--------------- ------------ --------- --------- --------- ------------ --------------
FY 2020 12,781 2,591 2,154 105,118 11,839 17,710
--------------- ------------ --------- --------- --------- ------------ --------------
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
--------------- ------------ --------- --------- --------- ------------ --------------
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
Cash
The Company had cash of US$37.5 million at 31 December 2021 (US$30.9 million at 30 September 2021) and no debt.
**ENDS**
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