26 June, 2020

Anglo Asian Mining PLC’s success in Azerbaijan

Anglo Asian Mining PLC is Azerbailan-focused copper, gold and silver miner and has well established and successful track record of exploration and production in Azerbaijan.

For the year ended December 31, 2019, the Azerbaijan-focused miner reported a pre-tax profit of US$30.1mln, up 19% on the prior year, while revenues increased 2% to a record level of US$92.1mln. The production forecast for 2020 was “unchanged” at between 75,000 to 80,000 gold equivalent, it said alongside the numbers.

In May, it added that it would focus on five new exploration discoveries at the company’s projects in Azerbaijan that have the potential to “significantly increase the production and mine life” of the company.

Gold and copper mineralisation existed on or near the surface for each discovery giving “good potential for mine development”, with production anticipated from 2022 onwards, the miner said.

Reza Vaziri, chief executive says: “We have developed extensive work programmes for each of these [five discovery] projects and this work will be a key focus for the company in the near to medium term”. “This current plan demonstrates our confidence in the abundant resource base of the company, which we believe will continue to generate significant shareholder value.”

Source: proactiveinvestors.co.uk