Anglo Asian Mining PLC Further Gold Doré Shipment & Operations Continue (9525I)
April 07 2020 - 1:00AM
UK Regulatory
TIDMAAZ
RNS Number : 9525I
Anglo Asian Mining PLC
07 April 2020
7 April 2020
Anglo Asian Mining plc
Further shipment of gold doré made to MKS Finance SA
Company's operations in Azerbaijan continue
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan is
very pleased to announce that it has made a further shipment of
gold doré containing 4,688 ounces of gold to MKS Finance SA
("MKS"). This is further to the Company's announcement on 26 March
2020 where Anglo Asian stated that due to the cessation of
scheduled air flights, it was looking at other logistical options
for the shipment and sale of gold doré.
Highlights
-- Gold doré containing 4,688 ounces of gold has been
successfully shipped to MKS in Switzerland by air-charter
-- Advance sale proceeds received of approximately 90 per cent. of the Company's share
-- Swiss gold refiners announce they expect to shortly resume limited operations
-- Discussions with two alternative refiners have also commenced
-- Company continues to ship copper concentrate by road
-- Company's operations in Azerbaijan continue - safety of staff is paramount
Reza Vaziri, CEO of Anglo Asian commented: "I am delighted that
the Company has successfully delivered a further consignment of
gold doré to MKS Finance SA, Switzerland by air-charter. This
shipment amply demonstrates the Company's agility despite the
operational problems presented by Covid-19. It is also testament to
the ability of the operational team in Azerbaijan, who worked
tirelessly to overcome the logistical issues under difficult
circumstances, and allows us to stay within our planned objectives
for the year.
"The Swiss refiners have recently announced that they expect to
shortly resume limited working and we are currently ascertaining
when we can commence further shipments."
Update on shipment and operations
The Company is currently unable to ship gold doré by scheduled
air flight out of Azerbaijan due to the current cessation of all
scheduled air traffic in and out of the Country. However, the
Company was recently able to charter an aircraft and shipped a
consignment of gold doré to MKS in Switzerland.
Under the terms of its contract with MKS, the Company can elect
to receive prior to refining, 90 per cent. (net of the Azerbaijan
Government share of 12.75 per cent.) of the estimated gold content
of the gold doré upon arrival at MKS. Such a sale is classified as
an advance payment of sale proceeds and is settled by physical
delivery of the gold bullion once it is refined.
The Swiss gold refiners have announced that they will shortly
resume limited working and the Company is currently ascertaining
when it can resume shipping gold doré and making sales of gold
bullion. The Company is also in discussion with two other refiners
in its region to provide an alternative channel for the refining
and sale of its gold and silver bullion.
The Company's operations at Gedabek continue and its efforts to
ensure the safety of all staff are paramount. The Company has now
put in place various stringent measures to ensure all staff are
isolated as far as practical from all sources of infection. A
further update on operations will be provided in the quarter one
production update in mid-April 2020.
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 until the release of this
announcement.
**ENDS**
For further information please visit or 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
------------------------------ ----------------------
Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Camilla Horsfall Blytheweigh Financial Tel: + 44(0) 20 7138
3224
------------------------------ ----------------------
Megan Ray Blytheweigh Financial Tel: + 44(0) 20 7138
3224
------------------------------ ----------------------
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 portfolio, assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract
area ("Gedabek") which is a 300 square kilometre area in the Lesser
Caucasus mountains in western Azerbaijan. The Company developed
Azerbaijan's first operating gold/copper/silver mine at Gedabek
which commenced gold production in May 2009. Mining at Gedabek was
initially from its main open pit which is an open cast mine with a
series of interconnected pits. The Company also operates the high
grade Gadir underground mine which is co-located at the Gedabek
site. In September 2017, production commenced at the Ugur open pit
mine, a recently discovered gold ore deposit at Gedabek. The
Company has a second underground mine, Gosha, which is 50
kilometres from Gedabek. Ore mined at Gosha is processed at Anglo
Asian's Gedabek plant.
The Company produced 81,399 gold equivalent ounces ("GEOs") for
the year ended 31 December 2019. Gedabek is a polymetallic ore
deposit that has gold together with significant concentrations of
copper in the main open pit mine, and an oxide gold-rich zone at
Ugur. The Company therefore employs a series of flexible processing
routes to optimise metal recoveries and efficiencies. The Company
produces gold doré through agitation and heap leaching operations,
copper concentrate from its Sulphidisation, Acidification,
Recycling, and Thickening (SART) plant and also a copper and
precious metal concentrate from its flotation plant.
Anglo Asian is also actively seeking 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 news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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