5 August 2024
Anglo Asian Mining PLC
Tailings Dam raise Authorisation and Restart of Operations
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that its subsidiary, Azerbaijan International Mining Company Limited ("AIMC"), has received authorisation from the Government of Azerbaijan to raise the wall of its tailings dam.
On 5 August 2024, AIMC received authorisation from the Government of Azerbaijan to raise the wall of its existing tailings dam. Confirmation was also received that the construction work will comply with all health and safety requirements. Work on raising the tailings dam wall will start immediately. Resources are now being mobilised to restart production from the Company's agitation and flotation processing plants which is expected to take up to one week. An update will be provided in due course.
As previously stated, Anglo Asian will provide an update on production guidance for the year in due course. The Company continues to prioritise the progression of its development portfolio, with the new Gilar mine expected to enter production in Q4 2024.
Reza Vaziri, Chief Executive Officer of Anglo Asian Mining commented:
"We are delighted to have finally received authorisation from the Government of Azerbaijan to raise the tailings dam wall and work on its construction will start immediately. The authorisation of this tailings dam wall raise involved substantial work by both external consultants and other companies and the Government of Azerbaijan. I would like to whole-heartedly thank all of the parties involved.
"We have also started mobilising resources to restart flotation and agitation leaching processing and expect to recommence full production in approximately one week. This marks the end of a year-long disruption, and we look forward to normalising production. We also look forward to making swift progress on our strategic growth plan to transition to a multi-asset, mid-tier primarily copper producer by 2028."
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
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| Reza Vaziri, Chief Executive Officer | Tel: +994 12 596 3350 |
| Bill Morgan, Chief Financial Officer | Tel: +994 502 910 400 |
| Stephen Westhead, Vice President | Tel: +994 502 916 894 |
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| SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat Adam Cowl | Tel: +44 (0) 20 3470 0470 |
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| Hudson Sandler (Financial PR) Charlie Jack Harry Griffiths | Tel: +44 (0) 20 7796 4133
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About Anglo Asian Mining
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 31,821 gold equivalent ounces ("GEOs") for the year ended 31 December 2023.
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 which time 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 the period 2024 to 2028 at Zafar, Gilar, Xarxar and Garadag.
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