TIDMAAZ
RNS Number : 7651Q
Anglo Asian Mining PLC
23 February 2023
23 February 2023
Anglo Asian Mining PLC
2023 Production Guidance
63 to 71 per cent. forecast increase in copper production
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer primarily focused in
Azerbaijan, is pleased to announce its production guidance for the
full year 2023 ("FY 2023"). The Company is forecasting to produce
between 50,000 and 54,000 gold equivalent ounces comprising 4,100
to 4,300 tonnes of copper and 30,000 to 32,000 ounces of gold.
2023 is a pivotal year for Anglo Asian as it begins its
transition to achieve significant copper production with the
opening of its new Gilar and Zafar mines and the delivery of the
increased capacity of its flotation plant. Copper production is
forecast to increase by 63 to 71 per cent. and gold production to
decrease by 26 to 30 per cent. This is in accordance with the
Company's growing focus on copper, capitalising on the global
decarbonisation agenda. More information about Anglo Asian's
medium-term growth strategy and its increasing focus on copper will
be announced later this quarter.
FY 2023 production guidance is as follows:
Full year
2023
Full year
2022 Production
Metal Unit Actual production guidance
------------------- -----------------
Gold Ounces 43,114 30,000 to 32,000
-------- ------------------- -----------------
Copper Tonnes 2,516 4,100 to 4,300
-------- ------------------- -----------------
Gold equivalent
ounces GEOs 57,618 50,000 to 54,000
-------- ------------------- -----------------
Note the Company does not forecast silver production as it is
not material.
The gold equivalent ounces have been computed using the
following budget rates:
Weight of metal
equivalent to one
Price of metal ($) ounce of gold
Actual Actual
31 December 31 December Budget
Metal Unit 2022 Budget 2023 2022 2023
------- ------------- ------------- -------
Gold ounce 1,797.55 1,800.00 1.000 1.000
------- ------------- -------------- ------------- -------
Silver ounce 23.97 20.00 0.013 0.011
------- ------------- -------------- ------------- -------
Copper tonne 8,387.00 8,500.00 4.666 4.722
------- ------------- -------------- ------------- -------
Production plan for 2023
The Company's production profile will change significantly in
2023 as copper becomes a greater proportion of its production:
-- The agitation leaching plant will operate on a "campaign
basis" during the year, processing mainly gold rich ore from
Gedabek open pit and underground mines. There is a diminishing
amount of ore suitable for agitation leaching at Gedabek.
Additionally, it is more commercially advantageous to use the
plant's crushing and grinding circuit to treat ore for the expanded
flotation plant.
-- As previously announced, capacity at the flotation plant will
double in 2023 as a result of investment of approximately $3
million.
-- Copper rich ore from the Gedabek open pit will be used as
feedstock for the flotation plant during 2023. From Q4 2023, Gilar
ore will also be processed and its gold content extracted by
agitation leaching.
-- The Zafar mine will be constructed in 2023, but ore
extraction will not be required to maintain the operation of the
flotation plant at its maximum capacity during the year. Production
in 2023 will be maximised by processing Gilar ore which also
contains gold.
-- Only a very minimal amount of ore will be processed from the
Vejnaly and Gosha mines in 2023. The recent decision to fast-track
the Gilar mine into production has required redeployment of
resources away from these two projects.
Outlook for 2024
The Company will start 2024 with a flotation plant with double
its original capacity and the Gilar and Zafar mines ready to
provide the ore feedstock. This will enable to Company to produce
copper in 2024 at the same or greater rate than 2023. The Company
also anticipates increased gold production in 2024 in anticipation
of a full year of production from Gilar. Drilling and resource
estimation for Gilar will continue during 2023, expanding upon the
already known resources recently reported.
Reza Vaziri, CEO of Anglo Asian, commented:
"2023 will be a critical year for Anglo Asian as we pivot the
Company towards copper. We remain focused on production in the
short-term, creating value for our shareholders, as well as
finalising our medium-term growth strategy that culminates in our
transition to a mid-tier production profile. We look forward to
releasing this later this quarter."
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:
Anglo Asian Mining plc
Tel: +994 12 596
Reza Vaziri, Chief Executive Officer 3350
Tel: +994 502 910
Bill Morgan, Chief Financial Officer 400
Tel: +994 502 916
Stephen Westhead, Vice President 894
SP Angel Corporate Finance LLP (Nominated Tel: +44 (0) 20
Adviser and Broker) 3470 0470
Ewan Leggat
Adam Cowl
Hudson Sandler (Financial PR) Tel: +44 0) 20 7796
Charlie Jack 4133
Harry Griffiths
About Anglo Asian Mining
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer in south-west Asia with a broad portfolio of production
and exploration assets in Azerbaijan. The Company produced 57,618
gold equivalent ounces ("GEOs") for the year ended 31 December
2022.
In December 2021, the Company undertook a private placement
which acquired 19.8 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. Two further follow-on investments have
been made in Libero to maintain the Company's shareholding at 19.8
per cent.
On 5 July 2022, the Parliament of Azerbaijan ratified amendments
to the Company's Production Sharing Agreement, which granted it
legal title to 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. https://www.angloasianmining.com/
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END
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February 23, 2023 02:00 ET (07:00 GMT)
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