TIDMAAZ
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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