Anglo Asian Mining PLC AGM Statement (4975R)
June 29 2015 - 6:00AM
UK Regulatory
TIDMAAZ
RNS Number : 4975R
Anglo Asian Mining PLC
29 June 2015
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
29 June 2015
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
AGM Statement
Anglo Asian Mining plc, the AIM listed gold, copper and silver
production and exploration company in Azerbaijan, is holding its
annual general meeting ('AGM') at 11.00 am today at the offices of
Squire Patton Boggs (UK) LLP, 7 Devonshire Square, Cutlers Gardens,
London EC2M 4YH. At the meeting Reza Vaziri, the Company's CEO,
will make the following statement:
"During the past year we have been highly active as we have
focused on development at Gedabek and Gosha in Azerbaijan and on
increasing our gold, copper and silver production at the lowest
possible cost. We were pleased to report total gold production for
2014 of 60,285 ounces, a 16 per cent. increase over 2013, and
copper production of 784 tonnes, a 140 per cent. increase over the
2013 production.
Whilst we saw total production increase, as reported in our
final results, the past year has been a difficult period for gold
companies including Anglo Asian, with the effects still being felt
of the sustained lower gold and copper prices. The lower global
metal prices throughout the year, together with the first full
year's operational cost of the agitation leach plant at Gedabek,
adversely impacted profitability for Anglo Asian in 2014 and whilst
we achieved solid revenues of US$68.0 million, we were disappointed
to report a loss before tax of US$14.4 million for the year.
However, 2015 marks an important year for our Company and a time
which we believe marks our turnaround strategy to restore
profitability for Anglo Asian. The production in the first half of
the year at Gedabek is strong with Q1 2015 production figures of
17,053 ounces of gold, marking a 52 per cent. increase in gold
production from Q1 2014. In addition, Q2 2015 looks to be similarly
encouraging with 11,839 ounces of gold produced in April and May
2015.
Following the significant increase in contained copper in our
recent updated ore reserve estimate, we are constructing a small
scale flotation plant which is due to be completed in Q3 2015 and,
if completed on target, should see an additional 5,000 ounces of
gold and 1,200 tonnes of copper produced in the full year 2015. The
flotation plant will allow us to fully take advantage of the
additional sulphide ore reserves at Gedabek and add an important
new source of production and revenues for Anglo Asian.
In light of the expected H1 2015 production performance (full Q2
2015 production figures will be announced in July 2015) and the
commencement of flotation later in the year, we remain positive
that we will achieve a gold production target of between 70,000 to
75,000 ounces for FY 2015, which if achieved, will mark an increase
of around 16 to 24 per cent. over the full year 2014. Given the
improved start to 2015, and the commencement of flotation later in
the year, I believe the outlook for the rest of the year is a
significant improvement over 2014. I look forward to updating
shareholders on our progress during the rest of the year.
Finally, I would like to take this opportunity to thank our
Anglo Asian shareholders for their continued support as we continue
to build the Company into a leading mid-tier gold, copper and
silver producer in Azerbaijan and Caucasia."
**ENDS**
For further information please visit www.angloasianmining.com or
contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
-------------------- --------------------------- ----------------------
Bill Morgan Anglo Asian Mining plc Tel: +994 50 291 0400
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Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
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Stuart Gledhill SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
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Felicity Winkles St Brides Partners Tel: +44 (0) 20 7236
1177
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Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20 7236
1177
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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 prospective exploration portfolio, assembled from
analysis of historic Soviet geological data and held under a
Production Sharing Agreement modelled on the Azeri oil
industry.
The Company developed Azerbaijan's first operating
gold/copper/silver mine, Gedabek, which commenced gold production
in May 2009. Gold production for the year ended 31 December 2014
from Gedabek totalled 60,285 ounces and 784 tonnes of copper. The
Company is also developing a second resource area, Gosha, which is
50 kilometres from Gedabek, and the ore produced at Gosha is
processed at Anglo Asian's Gedabek plant. The Company's production
target for full year 2015 is between 70,000 ounces and 75,000
ounces of gold. Gedabek is a polymetallic deposit and its ore has a
high copper content, and as a result the Company produces copper
concentrate from its Sulphidisation, Acidification, Recycling, and
Thickening (SART) plant. Anglo Asian is also constructing a small
scale, low capital expenditure flotation plant to produce a copper
and precious metal concentrate. This will initially process ore
from its existing stockpiles of sulphide ore with a high copper
content.
Anglo Asian is also actively looking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for other properties 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 company news service from the London Stock Exchange
END
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