Anglo Asian Mining plc, the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that its Annual Report and Accounts for the year ended 31 December 2019 has been posted today to shareholders along with the Notice of Annual General Meeting and Form of Proxy.. The Company's AGM will be held at 10:30am on 23 June 2020 at The London...
Anglo Asian Mining Plc #AAZ Announced an update of the company's ongoing growth and exploration strategy. The company's strategy is focused on following three key objectives. Prioritising discoveries identified by current exploration to increase production and mine life. Long term upside potential of existing concessions and evaluating other opportunities, both within and outside Azerbaijan.
Anglo Asian Mining* (#AAZ LN) 140p, Mkt Cap £159m – Strategy update BUY The Company laid out a strategic update focusing on extending the life of mine at existing operations as well as highlighting further exploration and growth potential. The plan is comprised of three parts including: 1. ‘Prioritising discoveries identified by current exploration to increase production and mine life’ The team shortlisted five discoveries that can be fast tracked into production using existing leaching and flotation capacities at Gedabek. Avshancli 1 and Avshanli 3, both located 6.5km NE of Gedabek processing plant, host gold and copper mineralisation at and close to surface with exploration work ongoing. Construction can be started next year for first ore delivered to the plant in Q2/Q3 2022 if prospects to be proven economic. Gilar, located next to Avshancli 1, has been identified to host gold in quarts veins at surface with exploration to continue through to the end of 2021 leading potentially to the start of construction in 2022 and commencement of production in 2023. Ugur Deeps, located few hundred metres from the SE flans of the open pit, offering a potential rich in copper underground operation with recent drilling returning grades up to 2.5% Cu over up to 25m from 350m. The topography of the area allows for a low cost access to the mineralisation using an adit and a ramp while existing mine infrastructure including the haul road to offer further development expenses savings. Exploration is currently planned for 2020-21 with a potential underground mine construction start in 2022 followed by production in 2023. Zefer Cell 9 (Zefer), located 600m west of leach pads and on the Gedabek mineralisation trend, offers a medium term potential feed source with exploration planned to take longer due to the depth of mineralisation. Production may potentially start in 2025. Additionally, underground extensions at Gedabek and Gadir as well as at Gosha “Zone 5” will remain part of the exploration programme through 2021 with a potential to source new ore from Q1/23. 2. ‘Long term upside potential of existing concessions’ Porphyry type mineralisation potential at Gedabek will be assessed during a three year programme from 2021 that may considerably extend the life of mine into mid-2030s if not longer. Regional exploration targets at Gosha are being evaluated including Asrikchay hosting a high grade polymetallic mineralisation. A targeted exploration programme to test the highest priority targets at Ordubad will be carried with the area reported to be favourable for hosting porphyry formations. 3. ‘Evaluating other opportunities, both within and outside Azerbaijan’ The Company is considering projects outside its portfolio of assets both in Azerbaijan and other countries on an ongoing basis. Separately, the Company will release updated mineral resources/reserves statement for Gedabek, Gadir and Ugur in Q3/20. Conclusion: The strategic update offers the plan to extend the life of mine at operating sites with five discoveries identified as potential feed source in proximity to Gedabek leaching and flotation processing capacities in addition to underground extensions at Gedabek, Gadir and Gosha. Priority is given to mineralisation found at or near surface that can be quickly brought into production as was the case with Ugur in 2017. Regarding a more medium to long term development pipeline, the team highlighted both organic growth opportunities within its contract areas as well as potential M&A both within and outside Azerbaijan. *SP Angel acts as nomad and broker to Anglo Asian Mining
RNS Number: 5392 N Anglo Asian Mining PLC 21 May 2020 Anglo Asian Mining plc/ Ticker: AAZ/ Index: AIM/ Sector: Mining. Anglo Asian Mining PLC, the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce an update of the Company's ongoing growth and exploration strategy. 3 Evaluating other opportunities, both within and outside...
Anglo Asian Mining* (#AAZ LN) 118p, Mkt Cap £134m – Strong FY19 results with the Board announcing an increase in dividends BUY Revenues increased to an all time high of $92.1m (2018: $90.4m) reflecting stronger gold prices and higher copper concentrate sales proceeds. Gold bullion sales came in at 54.0koz at an average realised gold price of $1,410/oz (2018: 59.5koz at $1,265/oz). Copper concentrate sales totalled 10.3kt with revenues contribution of $16.7m (2018: 7.7kt and $15.4m). AISCs of gold production averaged $591/oz (2018: $541/oz) remaining in the first quartile and highlighting operational efficiencies and low cost status of the jurisdiction. EBITDA amounted to $50.5m (2018: $49.8m) implying strong 55% EBITDA margins (2018: 55%). PAT was up 18%yoy at $19.3m (2018: $16.3m) and EPS of 16.91c per share (2018: 14.32c). FCF, including cash in transit, totalled $25.5m (2018: $28.9m) after accounting for an increase in the working capital ($7.6m v -$0.6m (ie cash generated) in 2018) largely driven by an increase in ore stockpiles and heap leaching at the end of 2019 (+$9.7m) as well as incurring $4.7m in capital expenditures (2018: $15.3m) and $4.5m in exploration costs (2018: $2.9m). The Company is debt free since February with $26m in the bank as at 31 March 2020 which does not include $5.9m worth of gold produced in March and sold in April. A stand by credit facility has been agreed for $15.0m as a precautionary measure should COVID-19 related restrictions require external sources of funds. The Company estimated that it would cost around $1m per month to place Gedabek on care and maintenance and around $4-5m per month to continue running it at full production. The Board advised a 4.5c final dividend taking the total payout for 2019 to 8.0c (2018: 7.0c) or $9.2m. Shares will go ex-dividend on 2 July 2020 with the dividend to be paid 30 July subject to approval by shareholders on 23 June 2020. Operationally, Gedabek production facilities continue as normal with no cases of COVID-19 recorded on site. Additional expenses related to VOICD-19 are estimated at just $0.1m per month attributed to chartering aircraft to ship gold dore to Switzerland, staff overtime and some other logistical costs. The team is continuing with extensive exploration programme focused on extending the life of mine at the existing mining operations as well as potentially bringing in new mineralised zones into production. Exciting exploration results point to a potential extension of the Gedabek life of mine that currently stands at 2024 with updated mineral resources and reserves expected in Q3/20. The Company reiterated 2020 production target of 75-80koz GE (2018: 82.8koz) comprised of 65-67koz of gold and 2.2-2.4kt of copper. Conclusion: Good earnings results highlight record generated revenues, high earnings margins led by low operating costs and strong FCF generation during the year with the Board announcing an increase in the final dividend payment bringing the total to 8.0c. This is equivalent to a 6.2% yield on the average share price in 2019 and 5.4% on the current spot price. The decision to distribute 36% of the annual FCF, above 25% envisaged in the dividend policy, reflects confidence of the Board and management in the business supported by strong team, earnings and balance sheet. Outlook remains strong with the Company reiterating 2020 production guidance at 65-67koz, exploration works returning encouraging results pointing to a potential extension of the Gedabek life of mine and gold prices trading at multi year highs. *SP Angel acts as nomad and broker to Anglo Asian Mining
Anglo Asian Mining Plc (AAZ.L) Announced, in its final results for the year ended 31 December 2019, that revenues rose to $92.0 million from $90.3 million posted in the preceding year. The company’s profit before tax stood at $30.1 million, compared to a profit of $25.2 million reported in the previous year. The basic earnings per share stood at 16.9c, compared to earnings of 14.3c reported in the previous year. #AAZ
Final dividend increases to $0.045 per ordinary share giving a total 2019 dividend of $0.08 per ordinary share. Anglo Asian Mining PLC, the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce its final results for the year ended 31 December 2019. ·Final dividend declared of $0.045 per ordinary share payable on 30 July 2020...
Anglo Asian Mining* (#AAZ LN) 125p, Mkt Cap £143m – 18.2koz produced in Q1/20 with 75-80koz FY19 guidance on target BUY Q1 production amounted to 18.2koz GE (Q1/19: 20.3koz) comprised of Gold – 15.9koz, -8%yoy (Q1/19: 17.2koz); Copper – 559t, +9%yoy (Q1/19: 513t); Silver – 34.6koz -32%yoy (Q1/19: 51.3koz). Process wise gold production split included: Heap leaching – 3.2koz (Q1/19: 2.9koz); Agitation leaching – 11.9koz (Q1/19: 12.6koz); Flotation – 0.8koz (Q1/19: 1.7koz). Quarterly gold sales totalled 11.3koz at an average realised gold price of $1,577/oz (Q1/19: 13.2koz at $1,306/oz) reflecting COVID-19 related disruptions to dore gold shipments. Gold dore production from 5 to 31 March was shipped to the refiner only in April with 90% of the Company’s sales share to the tune of $5.9m received on 6 April. Q1 copper concentrate sales continued unaffected with 2.0kt sold generating $2.9m (Q4/19: 3,723kt and $7.4m). Net cash position increased $26.0m by Q1/20 with no bank debt and up on $21.2m net cash position as of Dec/19; this also does not account for $5.9m in gold sales proceeds as highlighted above. FY20 production guidance reiterated at 75-80koz GE including 65-67koz gold and 2.2-2.4kt copper with Gedabek operations remaining in operation. Conclusion: Robust quarterly production report see the team maintaining its FY20 production guidance with operations at Gedabek continuing as normal. The quarter marked a major milestone with the Company going debt free and posting $26.0m net cash position by quarter end (excluding some $5.9m in dore gold sales proceeds with regards to the March production).Strong FCF generation and balance sheet bodes well for the sustainability of dividend payments as well as a continuing investment in the exploration programme. *SP Angel acts as nomad and broker to Anglo Asian Mining
Operations at Gedabek continue and Baku office remains open. Anglo Asian Mining plc, the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area in western Azerbaijan for the three months to 31 March 2020..
RNS Number: 6352 J Anglo Asian Mining PLC 14 April 2020. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 6336 J Anglo Asian Mining PLC 14 April 2020. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Anglo Asian Mining* #AAZ 109p, Mkt Cap £124m – Gold dore shipments to MKS Finance BUY The Company made a further shipment of gold dore containing 4.7koz of gold to MKS Finance in Switzerland by air-charter. Advance sale proceeds for ~90% of the Company’s share received. Swiss gold refiners that temporarily suspended operations amid official virus containment measures are expected to resume limited operations shortly. “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,” the Company said. As a contingency plan, the Company has already commenced discussions with two alternative refiners. Copper sales remained unaffected as shipments are carried by road. Quarterly operations update is due mid-April. Conclusion: While scheduled flights from Azerbaijan remain suspended, the Company was able to charter an aircraft and ship 4.7koz of gold dore to MKS refiners in Switzerland. The Company is currently in discussions with two other refiners that may potentially take dore shipments in case sales to MKS prove challenging. Operations as well as copper concentrate shipments continue as normal. *SP Angel acts as nomad and broker to Anglo Asian Mining
Company's operations in Azerbaijan continue. Anglo Asian Mining plc, 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. ·Gold doré containing 4,688 ounces of gold has been successfully shipped to MKS in Switzerland...
Anglo Asian Mining PLC is an AIM quoted (ticker – AAZ) company with a portfolio of gold, copper and silver production and exploration assets in Azerbaijan. The Group has a 1,926 square kilometre portfolio of gold, silver and copper properties at various stages of the development cycle. These include Anglo Asian’s open pit and underground Gadir mine and the Ugur deposit under development at Gedabek, the Gosha mine which is located 50km from Gedbek and Ordubad, the Group’s early stage gold and copper exploration project.