TIDMAAZ
RNS Number : 3403W
Anglo Asian Mining PLC
17 April 2023
17 April 2023
Anglo Asian Mining plc
Q1 2023 Production and Operations Review
Copper production increases 49 per cent. year-on-year
Total production of 10,969 gold equivalent ounces
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 operational review for
its Gedabek contract area ("Gedabek") in western Azerbaijan for the
three months to 31 March 2023 ("Q1 2023").
Q1 2023 Production Update
-- Total production of 10,969 gold equivalent ounces ("GEOs")
calculated using actual metal prices
-- 49 per cent. year-on-year increase in copper production to 847 tonnes (Q1 2022: 568 tonnes)
o Ore processed by the expanded flotation plant increased to
193,000 tonnes (Q1 2022: 104,000 tonnes)
-- Gold production of 6,741 ounces (Q1 2022: 10,040 ounces)
o Agitation leaching plant idle from 11 February to 24 March as
ore now processed on a campaign basis
-- Silver production of 22,566 ounces (Q1 2022: 50,674 ounces)
Q1 2023 Sales and Cash Update
-- Cash of $10.7 million at 31 March 2023 (31 December 2022: $20.5 million)
o Further $0.6 million investment in Libero Copper & Gold
Corporation in January and February
o 1,200 ounces of gold bullion sold for $1,980 per ounce on 31
March with the proceeds of $2.4 million received in April
o Capital expenditure of $1.5 million on prepayments for the
underground mining fleet and a generator
-- Inventory valued at $9.6 million at 31 March 2023 (1,822
ounces of gold valued at $3.6 million and copper concentrate valued
at $6.0 million)
-- $33 million, 7-year revolving credit facility with the
International Bank of Azerbaijan entered into in early March to
provide both additional finance and operational flexibility for the
Company's expansion plans, with no drawdown currently from the
facility
Transformation to mid-tier copper and gold production
-- Anglo Asian announced its strategic growth plan to transition
to a multi-asset, mid-tier copper and gold producer by 2028 on 30
March 2023, whilst maintaining its ongoing commitment to provide
returns to its shareholders
-- The Company anticipates a 30 to 50 per cent. increase in
total production, which would amount to 70,000 to 75,000 gold
equivalent ounces for 2024 and 2025 (copper equivalent of 15,000 to
15,500 tonnes)
-- Copper equivalent production increasing to approximately
36,000 plus tonnes per annum (gold equivalent of 175,000 ounces)
from 2028
Anglo Asian CEO Reza Vaziri commented: "I am pleased to report a
strong start to 2023, with a total production of 10,969 gold
equivalent ounces in the first quarter at our flagship Gedabek
contract area. We continue to make good progress towards production
at Gilar, followed by Zafar. We remain in a strong financial
position to deliver both our near-term priorities and our recently
announced long-term growth strategy to achieve mid-tier copper and
gold production status by 2028."
Note that all references to "$" are to United States
dollars.
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
Notes to editors
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer with a high-quality portfolio of production and
exploration assets in Azerbaijan. The Company produced 57,618 gold
equivalent ounces ("GEOs") for the year ended 31 December 2022.
On 30 March 2023, the Company published its strategic plan for
growth which shows a clearly defined path for the Company to
transition to a multi-asset, mid-tier copper and gold producer by
2028. By 2028, copper will be the principal product of the Company,
with forecast production of around 36,000 copper equivalent tonnes.
It plans to achieve this growth by bringing into production four
new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and
Garadag.
The Company owns approximately 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.
https://www.angloasianmining.com/
Q1 2023 Production overview
-- Gold production of 6,741 ounces (Q1 2022: 10,040 ounces):
o 5,965 ounces contained within gold doré
o 25 ounces from sulphidisation, acidification, recycling and
thickening ("SART") processing
o 751 ounces from flotation
-- Copper production of 847 tonnes (Q1 2022: 568 tonnes):
o 190 tonnes from SART processing
o 657 tonnes from flotation processing
-- Silver production totalled 22,566 ounces (Q1 2022: 50,674 ounces):
o 2,841 ounces contained within gold doré
o 8,750 ounces from SART processing
o 10,975 ounces from flotation
Q1 2023 Sales overview
-- Total gold bullion sales of 5,719 ounces at an average of
$1,895 per ounce (Q1 2022: 7,519 ounces at an average of $1,904 per
ounce)
-- Total concentrate sales of 1,147 dry metric tonnes ("dmt")
with a value of $2.7 million (Q1 2022: 1,477 dmt with a value of
$3.2 million)
Q1 2023 Financials overview
-- Cash of $10.7 million (Cash of $20.5 million at 31 December 2022)
-- Unsold gold dor é and copper concentrate inventory of $9.6 million
-- $0.6 million paid in January and February 2023 for further
investments in Libero Copper & Gold Corporation
Q1 2023 Operations review
The Company mined the following ore during FY 2022 and Q1
2023:
12 months to 3 months to
31 December 2022 31 March 2023
Average Average
gold gold
Mine Ore mined grade Ore mined grade
(tonnes) (g/t) (tonnes) (g/t)
---------- -------- ---------- --------
Open pit 1,705,337 0.47 415,365 0.43
Gadir - u/g 136,715 1.41 38,867 1.64
Gedabek -
u/g 373,915 1.30 0 0
---------- -------- ---------- --------
Total 2,215,967 0.67 454,232 0.53
------------- ---------- -------- ---------- --------
The Company processed the following amounts and grades of ore by
leaching for FY 2022 and Q1 2023:
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 2022 115,173 273,577 144,275 0.75 0.48 1.63
30 June 2022 82,814 299,762 162,239 0.78 0.53 1.40
30 September
2022 92,398 302,714 162,669 0.81 0.57 1.42
31 December 2022 24,606 213,120 156,285 0.72 0.56 1.42
------------- ---------- ---------- ------------- --------- ----------
FY 2022 314,991 1,089,173 625,468 0.77 0.56 1.43
------------------ ------------- ---------- ---------- ------------- --------- ----------
31 March 2023 94,518 195,987 62,006 0.74 0.49 1.4
------------- ---------- ---------- ------------- --------- ----------
* includes previously heap leached ore.
The Company processed the following amounts of ore and contained
metal by flotation for FY 2022 and Q1 2023:
Quarter ended Ore processed Gold content Silver content Copper content
(tonnes) (ounces) (ounces) (tonnes)
-------------- ------------- --------------- ---------------
31 March 2022 104,475 1,921 33,522 577
30 June 2022 114,099 1,293 24,209 745
30 September
2022 143,838 1,314 24,582 724
31 December 2022 119,819 1,389 18,003 670
-------------- ------------- --------------- ---------------
FY 2022 482,231 5,917 100,316 2,716
-------------- ------------- --------------- ---------------
31 March 2023 192,516 1,487 19,787 1,133
-------------- ------------- --------------- ---------------
The following table summarises gold doré production and sales at
Gedabek for FY 2022 and Q1 2023:
Quarter ended Gold produced* Silver Gold sales** Gold Sales
(ounces) produced* (ounces) price
(ounces) ($/ounce)
31 March 2022 8,963 7,574 7,519 1,904
30 June 2022 10,137 7,620 3,754 1,895
30 September
2022 10,473 6,949 10,000 1,727
31 December
2022 10,437 4,820 13,645 1,727
-------------- ----------- ------------- ----------
FY 2022 40,010 26,963 34,918 1,783
-------------- -------------- ----------- ------------- ----------
31 March 2023 5,965 2,841 5,719 1,895
-------------- ----------- ------------- ----------
Note
* including Government of Azerbaijan's share
** excluding Government of Azerbaijan's share
The gold and silver production from agitation and heap leaching
for FY 2022 and Q1 2023 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
30 Sept 2022 5,517 4,956 10,473 3,673 3,276 6,949
31 Dec 2022 5,831 4,606 10,437 2,684 2,136 4,820
---------- ---------- ---------- ---------- ---------- ----------
FY 2022 23,218 16,792 40,010 15,814 11,139 26,963
--------------- ---------- ---------- ---------- ---------- ---------- ----------
Q1 2023 2,315 3,650 5,965 1,155 1,686 2,841
---------- ---------- ---------- ---------- ---------- ----------
The following table summarises copper concentrate production
from both the Company's SART and flotation plants at Gedabek for FY
2022 and Q1 2023:
Concentrate Copper Gold Silver
production* content* content* content*
(dmt) (tonnes) (ounces) (ounces)
------------ --------- --------- ---------
2022
Quarter ended 31 March
SART processing 330 188 12 25,114
Flotation 2,586 380 1,065 17,986
------------ --------- --------- ---------
Total 2,916 568 1,077 43,100
------------ --------- --------- ---------
Quarter ended 30 June
SART processing 316 168 14 25,582
Flotation 3,811 547 715 15,672
------------ --------- --------- ---------
Total 4,127 715 729 41,254
------------ --------- --------- ---------
Quarter ended 30 September
SART processing 367 208 33 24,077
Flotation 2,805 401 581 14,094
------------ --------- --------- ---------
Total 3,172 609 614 38,171
------------ --------- --------- ---------
Quarter ended 31 December
SART processing 438 244 39 20,833
Flotation 2,648 380 645 11,725
------------ --------- --------- ---------
Total 3,086 624 684 32,558
------------ --------- --------- ---------
2023
Quarter ended 31 March
SART processing 364 190 25 8,750
Flotation 4,544 657 751 10,975
------------ --------- --------- ---------
Total 4,908 847 776 19,725
------------ --------- --------- ---------
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 2022 and Q1 2023. 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 2022 2,916 568 1,077 43,100 1,477 3,248
30 June 2022 4,127 715 729 41,254 4,642 8,127
30 September
2022 3,172 609 614 38,171 1,718 3,378
31 December
2022 3,086 624 684 32,558 4,606 7,487
------------ --------- --------- --------- ------------ --------------
FY 2022 13,301 2,516 3,104 155,083 12,443 22,240
--------------- ------------ --------- --------- --------- ------------ --------------
31 March 2023 4,908 847 776 19,725 1,147 2,743
------------ --------- --------- --------- ------------ --------------
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
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