Proactiveinvestors Australia Anglo Asian Mining PLC https://www.proactiveinvestors.com.au Proactiveinvestors Australia Anglo Asian Mining PLC RSS feed en Tue, 18 Jun 2019 05:03:52 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Anglo Asian Mining 'in extremely good shape' after first half production boost ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9899/anglo-asian-mining-in-extremely-good-shape-after-first-half-production-boost-9899.html Thu, 19 Jul 2018 08:35:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9899/anglo-asian-mining-in-extremely-good-shape-after-first-half-production-boost-9899.html <![CDATA[News - Anglo Asian Mining shares jump as it delivers 22% boost to production from Gedabek ]]> https://www.proactiveinvestors.com.au/companies/news/200922/anglo-asian-mining-shares-jump-as-it-delivers-22-boost-to-production-from-gedabek-200922.html Anglo Asian Mining Plc (LON:AAZ) saw its shares jump higher on Tuesday as the AIM-listed miner delivered a 22% year-on-year increase in total production of gold equivalent ounces for the first half of 2018.

Total production from the Gedabek gold, copper and silver mining contract area in western Azerbaijan rang in at 37,349 gold equivalent ounces, a performance the company characterised as “excellent”.

READ: Dividend plan underlines confidence at Anglo Asian Mining

Anglo Asian had net debt of US$2.9mln at 30 June 2018, a reduction of US$7.5mln since 31 March 2018.            

Anglo Asian also said a second crusher line is now in operation at Gedabek with the agitation leaching and flotation plants now processing independently.

"Our operations are moving up a gear with the new Ugur mine and second crusher line adding significantly to our production capacity and, I believe, we are well placed to meet our financial year 2018 production target of between 78,000 to 84,000 gold equivalent ounces,” said chief executive Reza Vaziri.

“We are accordingly creating a sound financial position from which to announce and pay a maiden dividend, in line with our previous announcements, following completion of the share capital reduction proposed in the recent circular to shareholders.”

In early morning trading, Anglo Asian Mining shares were 13% higher at 51p.

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Tue, 17 Jul 2018 08:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200922/anglo-asian-mining-shares-jump-as-it-delivers-22-boost-to-production-from-gedabek-200922.html
<![CDATA[News - Anglo Asian Mining says “2017 was a year of delivery” ]]> https://www.proactiveinvestors.com.au/companies/news/199860/anglo-asian-mining-says-2017-was-a-year-of-delivery-199860.html Anglo Asian Mining Plc (LON: AAZ) has said that 2017 was a year of delivery for the company as it has implemented a wide-ranging optimisation and expansion strategy to provide long-term sustainable production growth at Gedabek contract area.

In a statement to be delivered at today's annual general meeting, Reza Vaziri, CEO of the company, said that these initiatives ‘have proved overwhelmingly successful’ and the group began 2018 with production growing and a much more robust platform to sustain this into the future. 

READ: Anglo Asian Mining forecasts sizeable production uplift in 2018

He said: “In light of the group's prospects and current strong financial position, the board is now considering a dividend policy and the payment of a maiden dividend.”

Vaziri added that in 20017 the company achieved “a healthy total production output of 71,461 gold equivalent ounces”.  

The company has estimated the total production for the financial year 2018 at between 78,000 to 84,000 gold equivalent ounces.

“The company also achieved a 26 per cent increase in year-on-year gold equivalent ounces production in the first quarter of 2018, further highlighting the strong growth we are experiencing following the implementation of our expansion and optimisation programme,” Vaziri said.

In early morning trading, Anglo Asian Mining shares jumped 3.6% to 43.00p 

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Fri, 29 Jun 2018 08:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199860/anglo-asian-mining-says-2017-was-a-year-of-delivery-199860.html
<![CDATA[News - Anglo Asian declares maiden dividend which could “nearly double next year” says broker ]]> https://www.proactiveinvestors.com.au/companies/news/199343/anglo-asian-declares-maiden-dividend-which-could-nearly-double-next-year-says-broker-199343.html Anglo Asian Mining Plc’s (LON:AAZ) half-year results saw the declaration of its maiden dividend following a swing to profit, but broker SP Angel thinks it will go further, saying the firm’s dividend could “nearly double next year”.

Based on previously released commodity price and production assumptions, the broker added that Anglo Asian could be “one of the top-yielding precious metals producers on the London market”.

READ: Anglo Asian Mining to hit upper end of guidance after strong production quarter

The fact that shares in the AIM-listed group have risen over 85% since January, boosted by a jump following the latest results, suggests investors may share SP Angel’s optimism.

If the broker, which has a price target of 84p on the stock, continues to reflect market sentiment there could be much more coming for Anglo’s shareholders.

There are several reasons for this price strength, but the central one is that Anglo Asian has been expanding operations and upgrading resources at its three mines in Azerbaijan.

Three gold and gold-copper mines supported by exploration

Its main mine is the Gedabek gold-copper open pit. Nearby are the high grade underground Gadir gold-copper mine and the Gosha underground gold mine.

In September the firm boosted the total gold and copper resource amount at the Gedabek open pit to 985,697 ounces of gold, 63,375 tonnes of copper and 8.2mln ounces of silver.

The measured and indicated portion rings in at 796,269 ounces of gold, 53,676 tonnes of copper and 6.8mln ounces of silver, while the proved plus probable reserves contain 343,160 ounces of gold, 36,011 tonnes of copper and 3.4mln ounces of silver.

But it’s not just the mines themselves. The Gedabek contract area also has significant exploration potential along a mineralised belt within its 300 square kilometre area.

Underground link-up between Gadir and Gedabek underway

Construction of a tunnel between Gadir and the Gedabek underground mineralisation is also underway with some 600 metres of tunnelling completed in July.

This work also intersected Gedabek-style mineralisation at the end of the tunnel drive.

It is further planned to extend this tunnel along the Gedabek mineralisation beneath the back wall of the open pit and to fan drill to assess the mining potential for an underground mine.

Strong first half

In addition to the maiden dividend, the miner also delivered a 22% year-on-year increase in total production of gold equivalent ounces, swinging to a pre-tax profit of US$8.1mln from a US$1.3mln loss the year before as revenues climbed to US$40mln from US$29.8mln.

The hefty rise in revenues was attributed to higher production and an increase in the average selling price of metals, with gold bullion sales reaching 25,778 ounces at US$1,319 each from 15,689 ounces at US$1,238 each in the year-ago period, offsetting a reduction in sales of copper concentrate which were down to 2,344 dry metric tonnes (dmt) at US5.9mln from 5,396 dmt at US$10.3mln in the first half of 2017.

The all sustaining cost of production per ounce of gold also fell 4% to US$543 compared to the same period a year ago. At the current gold price of US$1,206 per ounce, this translates to a profit of US$663 for every ounce mined.

That margin has helped boost the company’s cash balance to US$12.5mln from US$2.5mln last year and slashing its net debt from US$18.1mln to US$2.9mln.

However, the company has moved into a net cash position since the end of the reporting period, allowing it to declare the maiden dividend payment of US$0.03 per share.

Anglo also says under its new dividend policy it will aim to distribute around 25% of its free cash flow to shareholders each year.

For the whole of 2018, the company is targeting between 78,000 to 84,000 gold equivalent ounces (GEOs), a 13% increase from 2017.

In October, it added it would hit the upper end of the estimate after a strong third quarter.

At 61.5p, Anglo Asian has a market cap of around £67.4mln.

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Thu, 21 Jun 2018 15:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199343/anglo-asian-declares-maiden-dividend-which-could-nearly-double-next-year-says-broker-199343.html
<![CDATA[Media files - Anglo Asian Mining posts profit for 2017 and cuts net debt ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9380/anglo-asian-mining-posts-profit-for-2017-and-cuts-net-debt-9380.html Fri, 25 May 2018 14:06:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9380/anglo-asian-mining-posts-profit-for-2017-and-cuts-net-debt-9380.html <![CDATA[News - Anglo Asian Mining forecasts sizeable production uplift in 2018 ]]> https://www.proactiveinvestors.com.au/companies/news/197614/anglo-asian-mining-forecasts-sizeable-production-uplift-in-2018-197614.html Gold miner Anglo Asian Mining Plc’s (LON:AAZ) has forecast a sizeable uplift in production in the current year after revenues and profits fell in 2017.

Revenues for the year dropped to US$71.8mln from US$79.2mln as the proportion of concentrate sold increased.

WATCH: Anglo Asian Mining posts profit for 2017 and cuts net debt

Profits eased to US$5.7mln (US$6.8mln) but strong cashflow almost halved debts to US$18.1mln and the miner is bullish over the current twelve months.

Production from the new Ugur open pit is fully onstream while gold and copper prices remain high.

The Azerbaijan-based gold miner produced 71,500 gold equivalent ounces in the past year and but expects this to rise to between 78,000 and 84,000oz in 2018.

Based on the higher production and lower debts, the company is also considering paying its first dividend with a schedule to be announced next quarter.

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Thu, 24 May 2018 07:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197614/anglo-asian-mining-forecasts-sizeable-production-uplift-in-2018-197614.html
<![CDATA[News - Anglo Asian’s gold equivalent production increases by 26% to 18,307 ounces in the first quarter ]]> https://www.proactiveinvestors.com.au/companies/news/195018/anglo-asians-gold-equivalent-production-increases-by-26-to-18307-ounces-in-the-first-quarter-195018.html Anglo Asian Mining Plc (LON:AAZ) posted a 26% increase in the year-on-year production of gold equivalent ounces from its Gedabek project in Azerbaijan.

In the three months to March 31, Anglo Asian produced 18,307 gold equivalent ounces, up from the 14,577 equivalent ounces produced in the corresponding period of 2017.

READ: Anglo Asian Mining briefs investors on 2017 field campaign

Net debt was reduced by 43% during the first quarter to US$10.4mln, down from US$18.3mln at the end of the previous quarter.

Gross cash stood at US$8.6 million at the end of the March quarter.  

"This has again been another excellent quarter for the company given that production in the first quarter of the year is always our lowest due to the winter weather conditions,” said chief executive Reza Vaziri. 

“This strong increase in performance can be attributed to the optimisation and expansion initiatives which we implemented during the course of 2017, and, perhaps most importantly, the commencement of production from our new Ugur open pit. The increased production that Anglo Asian is now achieving, coupled with improved metal prices, is flowing through strongly to our cash generation. The discovery of new potential mines, such as Ugur, together with the conversion of already known but under-explored prospects across our contract lease areas, is crucial to the continued growth and enhancement of our total production profile."

In early trading, Anglo Asian mining shares were nearly 8.8% higher at 43.5p.

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Mon, 16 Apr 2018 08:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195018/anglo-asians-gold-equivalent-production-increases-by-26-to-18307-ounces-in-the-first-quarter-195018.html
<![CDATA[News - Anglo Asian Mining briefs investors on 2017 field campaign ]]> https://www.proactiveinvestors.com.au/companies/news/193783/anglo-asian-mining-briefs-investors-on-2017-field-campaign-193783.html Anglo Asian Mining Plc (LON:AAZ) has released a report outlining the objectives and achievements of its 2017 exploration programme.

A copy of the report can be found here: http://www.angloasianmining.com/operations/

READ: Anglo Asian Mining embarks on major, three-year rolling exploration programme in Azerbaijan

The company states that it drilled 106 surface core drill holes at Gedabek, amounting to 13,681 metres, with a further 115 reverse circulation drill holes completed for a total of 7,870 metres.

The company also completed 63 underground core drill-holes totalling 5,042 metres.

The exploration results obtained provided a solid foundation for the recently announced 2018 geological programme, including revealing the presence of further mineable copper and gold ores at Gedabek

In addition, the presence of mineralisation beneath the Gedabek open pit was established, and a new prospect at Soyudlu was discovered.

 

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Mon, 26 Mar 2018 10:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193783/anglo-asian-mining-briefs-investors-on-2017-field-campaign-193783.html
<![CDATA[Media files - Anglo Asian Mining outlines three year exploration programme ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8894/anglo-asian-mining-outlines-three-year-exploration-programme-8894.html Fri, 16 Mar 2018 12:05:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8894/anglo-asian-mining-outlines-three-year-exploration-programme-8894.html <![CDATA[News - Anglo Asian Mining embarks on major, three-year rolling exploration programme in Azerbaijan ]]> https://www.proactiveinvestors.com.au/companies/news/193052/anglo-asian-mining-embarks-on-major-three-year-rolling-exploration-programme-in-azerbaijan-193052.html Anglo Asian Mining Plc (LON:AAZ) is launching a three-year rolling programme of geological exploration of near mine, brownfield and greenfield areas on its ground in Azerbaijan.

The objectives of the programme are to replace mined ounces, extend the current mine life at the Gedabek project to a 10-year minimum, increase the company's inventory of resources, and to discover new mineral deposits.

READ: Anglo Asian refinances debt with new US$15mln facility

The target discoveries would ideally be similar to Anglo Asian’s Ugur open pit mine and have the potential to be quickly developed into operating mines.

The programme will build on the results of the 2017 geological work and comprehensively cover the Company's three operating contract areas, Gedabek, Gosha contract area ("Gosha") which is located 50 kilometres from Gedabek, and Ordubad, which is located in Nakhichevan, South West Azerbaijan.

A total of around 43,500 metres of surface and underground drilling is planned, to be undertaken by one reverse circulation and two core drill rigs.

Airborne geophysics is also planned for the entire Gedabek contract area.

The overall cost for all this work in 2018 is expected to be approximately US$6mln, to be funded from internal cash flow.

"I am very pleased to announce this programme of geological exploration of our three operating contract areas,” said Anglo Asian chief executive Reza Vaziri.

“This will build upon the success of the previous few years during which time we discovered the Ugur and Gadir deposits.”

 

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Tue, 13 Mar 2018 08:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193052/anglo-asian-mining-embarks-on-major-three-year-rolling-exploration-programme-in-azerbaijan-193052.html
<![CDATA[Media files - Anglo Asian Mining to accelerate 2018 expansion plans after debt refinancing ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8757/anglo-asian-mining-to-accelerate-2018-expansion-plans-after-debt-refinancing-8757.html Fri, 16 Feb 2018 13:02:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8757/anglo-asian-mining-to-accelerate-2018-expansion-plans-after-debt-refinancing-8757.html <![CDATA[News - Anglo Asian refinances debt with new US$15mln facility ]]> https://www.proactiveinvestors.com.au/companies/news/191489/anglo-asian-refinances-debt-with-new-us15mln-facility-191489.html Anglo Asian Mining Plc (LON:AAZ) has refinanced the majority of its existing debts with a new US$15mln facility at 7% that will run over a two-year term.

Anglo Asian’s debts are well supported by cash flow, although the loan itself is unsecured.

WATCH: Anglo Asian Mining to accelerate 2018 expansion plans after debt refinancing

The announcement comes not long after the company projected that it would produce between 78,000 and 84,000 gold equivalent ounces from its mines in Azerbaijan this year.

The refinancing will releasing US$8.4mln of capital to accelerate 2018 expansion and optimisation plans, as the principal require for repayment this year will drop to just US$5.1mln from the previous US$13.5mln.

WATCH: Anglo Asian Mining 'beginning to get the wind in its sails'

What’s more, the aggregate interest rate also drops and the company will save US$100,000 on interest payments.

A total of $13.5mln of the Facility will be utilised to repay existing loans to Amsterdam Trade Bank, Gazprombank, Anglo Asian chief executive Reza Vaziri and Yapi Credit Bank.

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Mon, 12 Feb 2018 07:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191489/anglo-asian-refinances-debt-with-new-us15mln-facility-191489.html
<![CDATA[News - Anglo Asian sets guidance of between 78,000 and 84,000 ounces of gold equivalent ]]> https://www.proactiveinvestors.com.au/companies/news/191202/anglo-asian-sets-guidance-of-between-78000-and-84000-ounces-of-gold-equivalent-191202.html Anglo Asian Mining Plc (LON:AAZ) has set production guidance for the full year ending December 2018 at between 78,000 and 84,000 gold equivalent ounces.

The production will come from the company’s mines in Azerbaijan, which are currently in an expansion phase. The guidance represents an increase over the mid-point of more than 13% on the 2017 number.

WATCH: Anglo Asian Mining 'beginning to get the wind in its sails'

The company expects to produce between 64,000 and 70,000 ounces of gold, and between 2,100 to 2,300 tonnes of copper.

The increase in total anticipated production during 2018 will results from optimisation initiatives undertaken at the Gedabek mine last year, with continuation of production from the new Ugur open pit and Gadir underground mines and recommencement of mining in the Gedabek main open pit.

Furthermore, the start-up of a second crusher line for the flotation plant in the second quarter of 2018 will enable copper production to increase.

READ: Anglo Asian hits top end of gold equivalent production guidance for 2017

"2018 is shaping up to be a year of delivery for Anglo Asian with production of between 78,000 to 84,000 gold equivalent ounces planned by our operational team,” said Anglo Asian chief executive Reza Vaziri.

“As in previous years, the second half of 2018 is expected to be better than the first due to seasonal factors and the added momentum of the flotation plant processing on a stand-alone basis from Q2 2018. Key to the future growth of the Company will be expansion opportunities and with this objective we are commencing a substantial geological exploration programme at Gedabek. I look forward to reporting details of this programme in the coming weeks."

 

 

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Tue, 06 Feb 2018 08:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191202/anglo-asian-sets-guidance-of-between-78000-and-84000-ounces-of-gold-equivalent-191202.html
<![CDATA[Media files - Anglo Asian Mining 'beginning to get the wind in its sails' ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8628/anglo-asian-mining-beginning-to-get-the-wind-in-its-sails--8628.html Wed, 17 Jan 2018 13:46:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8628/anglo-asian-mining-beginning-to-get-the-wind-in-its-sails--8628.html <![CDATA[News - Anglo Asian hits top end of gold equivalent production guidance for 2017 ]]> https://www.proactiveinvestors.com.au/companies/news/190068/anglo-asian-hits-top-end-of-gold-equivalent-production-guidance-for-2017-190068.html Anglo Asian Mining Plc (LON:AAZ) produced 71,461 gold equivalent ounces during 2017, a production rate which hit the uppermost level of guidance.

All told, this was still slightly lower than the 72,304 ounces produced in 2016 but, allowing for the planned suspension of mining from the main open pit for part of the year, still looks highly satisfactory.

READ: Anglo Asian Mining continues expansion of operations in Azerbaijan

"Anglo Asian is continuing to lay the foundations for long term sustainable production growth and to deliver value to its shareholders,” said chief executive Reza Vaziri.

“Mining is expected to recommence at our main open pit at Gedabek in the near-term together with the installation of a second, dedicated crusher line for the flotation plant. These should significantly enhance our production profile throughout 2018. I look forward to providing further updates on forecast 2018 production and expansion and exploration objectives in the coming weeks."

 

 

 

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Tue, 16 Jan 2018 07:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190068/anglo-asian-hits-top-end-of-gold-equivalent-production-guidance-for-2017-190068.html
<![CDATA[News - Anglo Asian Mining continues expansion of operations in Azerbaijan ]]> https://www.proactiveinvestors.com.au/companies/news/190028/anglo-asian-mining-continues-expansion-of-operations-in-azerbaijan-190028.html In 2018, shares in Anglo Asian Mining Plc (LON:AAZ) almost doubled, and with a recent push up to 40p, that momentum looks set to carry on well into 2018.

There are several reasons for this price strength, but the central one is that Anglo Asian has been expanding operations at its three mines in Azerbaijan.

Three gold and gold-copper mines supported by exploration

Its main mine is the Gedabek gold-copper open pit. Nearby are the high grade underground Gadir gold-copper mine and the Gosha underground gold mine.

But it’s not just the mines themselves. The Gedabek contract area also has significant exploration potential along a mineralised belt within its 300 square kilometre area.

In particular, exploration is now underway in the region of the newly producing Ugur open pit at Gedabek with the objective of defining extensions to the known mineralisation to provide an increase to the resource inventory.

While that and drilling at the Gedabek open pit is ongoing, actual production at Gedabek has been temporarily suspended. But it’s due to start up again in the first quarter of 2018. And at that point Anglo Asian really should hit its stride.

Chief executive bullish on increased Gedabek potential

"We have been extremely busy on the ground in Azerbaijan in regards to exploration,” says chief executive Reza Vaziri.

“We recently reported increased production for quarter three of 2017 with the commencement of mining at Ugur. Having spent time in 2017 optimising the extraction of gold and gold-copper ores from the Gedabek open pit, we now look forward to recommencing mining to contribute to production in the first quarter of 2018 with the enhanced knowledge of the mineralisation that these exploration activities will provide. We are also increasing the capacity of our tailings dam to support the expansion."

Underground link-up between Gadir and Gedabek underway

Construction of a tunnel between Gadir and the Gedabek underground mineralisation is now underway, and some 600 metres of tunnelling has been completed. This tunnelling work intersected Gedabek-style mineralisation at the end of the tunnel drive.

It is further planned to extend this tunnel along the Gedabek mineralisation beneath the backwall of the open pit and to fan drill to assess the mining potential for a Gedabek underground mine.

Broker SP Angel encouraged by recent rescheduling of director loan

A recent loan extension from Vaziri to the company has been welcomed by SP Angel.

“Rescheduling of the loan is a welcome development,” the broker commented.

“The latest operational update showed an acceleration in gold production rates led by the start of production at Ugur, bringing total output in the first nine months of 2017 to 48,300 ounces of gold equivalent and putting the company on course to reach the guided 64,000-72,000 ounces.

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Mon, 15 Jan 2018 12:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190028/anglo-asian-mining-continues-expansion-of-operations-in-azerbaijan-190028.html
<![CDATA[News - Anglo Asian Mining boss agrees to extend loan facility term by one year, reduce interest rate ]]> https://www.proactiveinvestors.com.au/companies/news/189816/anglo-asian-mining-boss-agrees-to-extend-loan-facility-term-by-one-year-reduce-interest-rate-189816.html Anglo Asian Mining Plc (LON:AAZ) has announced that its president and chief executive officer, Reza Vaziri has agreed to extend the term of his loan facility to the company by one year, with the interest rate payable also reduced.

The AIM listed gold, copper and silver producer focused on Azerbaijan noted that the amount of the loan facility from Vaziri is US$4.0mln and the term of the loan was until 8 January 2018.

READ: Anglo Asian Mining highlights “extremely busy” period

It added that the amount currently outstanding under the facility is US$3.9mln, with interest on the loan at a rate of 10% per annum. 

The group said the term of the loan has now been extended until 8 January 2019 and the interest rate on the loan has been reduced to 7%, with all other terms of the loan remaining unchanged.

Anglo Asian said its independent director, having consulted with the company's nominated adviser, SP Angel that the terms of the loan are fair and reasonable insofar as its shareholders are concerned.

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Wed, 10 Jan 2018 13:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189816/anglo-asian-mining-boss-agrees-to-extend-loan-facility-term-by-one-year-reduce-interest-rate-189816.html
<![CDATA[News - Anglo Asian Mining highlights “extremely busy” period as it works to expand Azerbaijan mining projects ]]> https://www.proactiveinvestors.com.au/companies/news/186242/anglo-asian-mining-highlights-extremely-busy-period-as-it-works-to-expand-azerbaijan-mining-projects-186242.html Anglo Asian Mining Plc (LON:AAZ) chief executive Reza Vaziri on Thursday told investors that the junior miner has been “extremely busy” on the ground in Azerbaijan.

As production from the Gedabek mine has been ramping up and output has started at the Ugur open-pit, the company has turned its attention to exploration.

READ: Anglo Asian Mining reports rise in gold price as new mine comes online

Exploration work is taking place at Ugur, with a view to unearthing extensions to the known mineralisation in order to increase mining inventory.

A drill programme is also underway at Gedabek where the company is working to evaluate and optimise the mine plan ahead of the next mining season in early 2018 (extraction paused in the third quarter to allow development work and drilling to take place).

Additionally, the group highlighted that low-cost exploration work has also taken place at the Ordubad contract licence area and it has seen encouraging initial results with evidence of surface and underground gold and copper mineralisation.

Operations have also been undertaken at Gedabek to increase capacity, specifically the group has raised the tailings wall to make room ahead of the imminent upgrade to the second phase of the project.

READ: Anglo Asian Mining doubles daily production as Ugur mine starts production

Vaziri, in a statement, said: "We have been extremely busy on the ground in Azerbaijan in regards to exploration.

“We recently reported increased production for quarter three of 2017 with the commencement of mining at Ugur.

“Having spent time in 2017 optimising the extraction of gold and gold-copper ores from the Gedabek open pit, we now look forward to recommencing mining to contribute to production in the first quarter of 2018 with the enhanced knowledge of the mineralisation that these exploration activities will provide.”

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Thu, 26 Oct 2017 07:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186242/anglo-asian-mining-highlights-extremely-busy-period-as-it-works-to-expand-azerbaijan-mining-projects-186242.html
<![CDATA[News - Anglo Asian Mining reports rise in gold price as new mine comes online ]]> https://www.proactiveinvestors.com.au/companies/news/185555/anglo-asian-mining-reports-rise-in-gold-price-as-new-mine-comes-online-185555.html Anglo Asian Mining Plc (LON:AAZ) has announced a 19% rise in gold production thanks to the opening of mining at the Ugur open pit in September.

Gold production amounted to 14,468 ounces for the third quarter to September 30, while copper production totalled 550 tonnes and silver totalled 40,288 ounces.

READ: Anglo Asian confirms new JORC resource for Ugur

The company sold 9,287 ounces of gold bullion at an average price of US$1,286 per ounce, copper concentrate sales totalled 2,905 dry metric tonnes with the sales value reported at US$5.5mln.

For the nine months to September 30, the company reported a total of 48,276 gold equivalent.

“This has been an excellent quarter for Anglo Asian as the benefits of the strategic review earlier in the year are now being realised,” said Reza Vaziri, Anglo Asian chief executive.

READ: Anglo Asian Mining hails positive impact of optimisation initiatives

“The commencement of mining from Ugur in September is already having a very positive influence with gold production rising by over 2,300 ounces from the previous quarter.

“Anglo Asian expects a strong fourth quarter and finish to 2017 and I look forward to updating our shareholders on our progress."

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Fri, 13 Oct 2017 07:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185555/anglo-asian-mining-reports-rise-in-gold-price-as-new-mine-comes-online-185555.html
<![CDATA[News - Anglo Asian confirms new JORC resource for Ugur ]]> https://www.proactiveinvestors.com.au/companies/news/184900/anglo-asian-confirms-new-jorc-resource-for-ugur-184900.html Anglo Asian Mining Plc (LON:AAZ) has completed the latest round of its JORC (Joint Ore Resource Committee) resource work at the producing Ugur gold deposit on the Gedabek licence in Azerbaijan.

The JORC Mineral Resources Report and Ore Reserves Report reiterate the previously stated JORC resources and reserves of 199,000 ounces of gold and 1,049,000 ounces of silver for Ugur.

READ: Anglo Asian Mining hails positive impact of optimisation initiatives

This includes a measured plus indicated resource of 172,000 ounces of gold and 884,000 ounces of silver and proven plus probable reserves of 147,000 ounces of gold and 808,000 ounces of silver.

Production from Ugur commenced in early September 2017, utilising the processing facilities located at the main Gedabek site. 

READ: Anglo Asian Mining doubles daily production as Ugur mine starts production

The processing of ore from Ugur has significantly increased Anglo Asian's total average daily gold production in September 2017, which has doubled compared to the average daily production of the previous eight months from January to August 2017.

 

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Mon, 02 Oct 2017 08:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/184900/anglo-asian-confirms-new-jorc-resource-for-ugur-184900.html
<![CDATA[News - Anglo Asian Mining hails positive impact of optimisation initiatives ]]> https://www.proactiveinvestors.com.au/companies/news/184363/anglo-asian-mining-hails-positive-impact-of-optimisation-initiatives-184363.html Increased sales of copper concentrate partially offset reduced sales of gold bullion in the first half of 2017 at Anglo Asian Mining Plc (LON:AAZ).

The Azerbaijan-focused gold, copper and silver producer’s half-year results confirmed, as anticipated, increased copper and decreased gold bullion production due to optimisation and expansion initiatives undertaken during the period that will significantly enhance the long term outlook, Anglo Asia said.

READ: Anglo Asian Mining doubles daily production as Ugur mine starts production

Those optimisation activities and expansion activities, as expected, led to the company falling into the red in the first half of 2017.

Gold production reached 23,218 ounces, down from 33,837 ounces in the first half of 2016.

Copper production rose to 1,322 tonnes from 969 tonnes the year before.

Silver production dipped to 85,087 ounces from 90,782 ounces the year before.

Adding it all together, total production for the first half of 2017 was 28,489 gold equivalent ounces, down from 36,729 ounces the previous year.

Target production for the whole of 2017 expressed as gold equivalent ounces remains at between 64,000 and 72,000 ounces compared to 2016 actual total production of 72,304 gold equivalent ounces.

READ: Finishing touches being made as Anglo Asian gears up for Ugur production

First half revenue decreased to US$29.8mln from US$39.3mln due to lower gold bullion sales.

On the plus side, the all-in-sustaining-cost (AISC) of production per ounce of gold (including the government of Azerbaijan’s share) declined 20% to US$564 an ounce from US$703 an ounce.

Furthermore, production of gold as doré since the beginning of September has increased significantly with the commencement of mining from the Ugur asset.

The increase in precious metal prices seen last year continued into 2017, and the company sold its gold bullion at an average selling price of US$1,238 per ounce compared to US$1,230 per ounce in the corresponding period of 2016.

“The increase in the price of gold has accelerated since the end of June with the gold price now around US$1,300 per ounce. The increasing price of copper from its low of US$4,350 per tonne in January 2016 to its current price in the region of US$6,500 per tonne has also been very beneficial for the company given its increasing copper production,” noted Khosrow Zamani, non-executive chairman of Anglo Asian.

The loss before tax was US$1.3mln, versus a profit of US$3.5mln the year before.

At the end of June, the cash balance stood at US$1.5mln, up from US$1.4mln at the end of 2016.

Net debt had decreased to US$29.0mln from US$34.6mln at the end of December 2016.

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Thu, 21 Sep 2017 08:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184363/anglo-asian-mining-hails-positive-impact-of-optimisation-initiatives-184363.html
<![CDATA[News - Anglo Asian Mining doubles daily production as Ugur mine starts production ]]> https://www.proactiveinvestors.com.au/companies/news/183904/anglo-asian-mining-doubles-daily-production-as-ugur-mine-starts-production-183904.html Shares in Anglo Asian Mining Plc (LON:AAZ) shot up 13% as the company said production has started at the Ugur open pit mine in Azerbaijan.

The mine is already making “a highly significant contribution to Anglo Asian's production”, the directors told investors on Wednesday morning.

The average daily gold production in the form of gold doré for the period from 1 to 10 September 2017 was 212 ounces, which is 116% higher than the average daily production for the previous eight months. This average daily production is expected to increase further as Ugur moves into full production.

The company is processing the Ugur ore only by agitation leaching. The Ugur oxide-rich ores do not contain copper and therefore the tailings of the agitation leaching plant are not treated by flotation.

READ: Anglo Asian Mining on track to begin mining Ugur gold deposit in fourth quarter

As a result, the flotation plant is free to process some 300 to 400 tonnes per day of mainly high sulphide stockpiled ore using its own mills.

This is another configuration of the company's processing facilities and again demonstrates the flexibility of the processing routes available to Anglo Asian, the company said.

“Progressing from discovery to production in a year is a significant achievement and underlines Anglo Asian's confidence that the Ugur deposit will be an important contributor to the company's future production,” said Reza Vaziri, Anglo Asian's chief executive.

"Bringing Ugur into production now, whilst we undertake the previously reported optimisation and expansion initiatives across our wider Gedabek licence area, will offset the anticipated decrease in gold production from our main Gedabek open pit due to the changing composition of the ore. With this in mind, we are pleased to reconfirm our production forecast of 64,000 to 72,000 of gold equivalent ounces in 2017 and building on this in 2018 and beyond," Vaziri said.

READ: Anglo Asian Mining back in profit as copper output doubles

Anglo's nominated advisor, SP Angel, said: "The team has done well in delivering a reserve/resource statement and commissioning mining operations at Ugur in a year since the discovery. Production start at Ugur lends confidence to the management team to reiterate annual production guidance supplying oxide ores to the agitation plant while Gedabek and Gadir operations go through a production review."

--- adds broker comment ---

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Wed, 13 Sep 2017 09:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183904/anglo-asian-mining-doubles-daily-production-as-ugur-mine-starts-production-183904.html
<![CDATA[Media files - Finishing touches being made as Anglo Asian gears up for Ugur production ]]> https://www.proactiveinvestors.com.au/companies/stocktube/7951/finishing-touches-being-made-as-anglo-asian-gears-up-for-ugur-production-7951.html Thu, 17 Aug 2017 13:01:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/7951/finishing-touches-being-made-as-anglo-asian-gears-up-for-ugur-production-7951.html <![CDATA[News - Anglo Asian Mining boosted by reserves and resources upgrade at Ugur ]]> https://www.proactiveinvestors.com.au/companies/news/182377/anglo-asian-mining-boosted-by-reserves-and-resources-upgrade-at-ugur-182377.html Shares in Anglo Asian Mining PLC (LON:AAZ) jumped by just over 5% in early trade to 24.5p following an update to the resource estimate for the Ugur gold deposit on the Gedabek licence area in Western Azerbaijan.

Ugur is now known to contain 199,000 ounces of gold and 1,049,000 ounces of silver, while the proven and probable reserves stand at 147,000 ounces of gold and 808,000 ounces of silver.

Ugur remains on track to commence production in September 2017, as mining and haulage of ore to the processing facility stockpile are planned to commence before the end of August 2017.

READ: Anglo Asian Mining on track to begin mining Ugur gold deposit in fourth quarter

"I am very pleased that the JORC total mineral resource estimate for Ugur of 199,000 ounces of gold is in excess of our initial estimates of 195,000,” said Anglo Asian chief executive Reza Vaziri.

“This mineral resource is a valuable addition to our mineral resources at Gedabek. Development work is continuing well and I look forward to reporting the first production of gold from the Ugur deposit which is targeted for next month."

 

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Mon, 14 Aug 2017 09:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182377/anglo-asian-mining-boosted-by-reserves-and-resources-upgrade-at-ugur-182377.html
<![CDATA[News - Anglo Asian Mining on track to begin mining Ugur gold deposit in fourth quarter ]]> https://www.proactiveinvestors.com.au/companies/news/181348/anglo-asian-mining-on-track-to-begin-mining-ugur-gold-deposit-in-fourth-quarter-181348.html Anglo Asian Mining Plc (LON:AAZ) said today the development of its Ugur gold deposit in Western Azerbaijan was on track for first production in the fourth quarter of 2017.

Drilling and assaying of samples from Uguar, located 3km from the company’s processing facilities at its Gedabek licence, have been completed.

A preliminary sectional estimate of Azeri classified reserves by the company shows about 195,000 ounces of in-situ gold.

Anglo Asian Mining said the completion of drilling expands the total resource at the Gedabek licence, providing “significant potential upside” to its future gold production.

The group plans pre-stripping of the top soil in late July followed by conventional shovel and truck haulage in the fourth quarter.

"Anglo Asian will have progressed from making our first exploratory drill-hole of the Ugur deposit to producing ore from an open pit mine in little over one year,” said chief executive Reza Vaziri.

“This is a testament to the speed at which the Company can react when presented with value accretive opportunities.”

The miner added that further exploration in the main Gedabek open pit mine was underway and it has completed 61 reverse circulation drill-holes at a total of 2,134 metres.

It has also completed 216 metres of a planned 465 metres tunnel between the Gadir underground mine and the down dip extension of the main Gedabek open pit.

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Mon, 24 Jul 2017 11:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181348/anglo-asian-mining-on-track-to-begin-mining-ugur-gold-deposit-in-fourth-quarter-181348.html
<![CDATA[News - Anglo Asian Mining pushes up second quarter production at Gedabek ]]> https://www.proactiveinvestors.com.au/companies/news/180964/anglo-asian-mining-pushes-up-second-quarter-production-at-gedabek-180964.html Anglo Asian Mining pushes up second quarter production at Gedabek

Anglo Asian Mining Plc (LON:AAZ) produced 12,140 ounces of gold from its Gedabek mine in Azerbaijan in the three months to 30 June 2017.

Copper production for the second quarter totalled 716 tonnes, while silver production for Q2 2017 totalled 45,718 ounces.

In gold equivalent ounces, total production amounted to 14,775 ounces, up from the 13,779 of gold equivalent ounces produced in the first quarter.

The numbers take total production for the first half of the year to 28,554 gold equivalent ounces.

For the full year the company is targeting production of between 64,000 ounces and 72,000 gold equivalent ounces.

 

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Mon, 17 Jul 2017 08:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180964/anglo-asian-mining-pushes-up-second-quarter-production-at-gedabek-180964.html
<![CDATA[News - Anglo Asian set for year of consolidation as it explores and develops in Azerbaijan ]]> https://www.proactiveinvestors.com.au/companies/news/180124/anglo-asian-set-for-year-of-consolidation-as-it-explores-and-develops-in-azerbaijan-180124.html Azerbaijan-focused Anglo Asian Mining Plc’s (LON:AAZ) focus this year will be extensive exploration and production optimisation at the main open pit at Gedabek and the Gadir underground mines.

Production is also sent to start at the newly discovered Ugur gold ore body, chief executive Reza Vahiri told shareholders at its annual meeting.

“We are also testing a new configuration of the flotation and agitation leaching plants to give us added flexibility in processing.

“We have extensive stockpiles of ore which can now be processed whilst mining is temporarily paused during exploration and production optimisation.

“With this in mind, we have declared a production target for FY 2017 of between 64,000 gold equivalent ounces (GEOs) and 72,000 GEOs.” 

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Fri, 30 Jun 2017 10:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180124/anglo-asian-set-for-year-of-consolidation-as-it-explores-and-develops-in-azerbaijan-180124.html
<![CDATA[News - Anglo Asian Mining back in profit as copper output doubles ]]> https://www.proactiveinvestors.com.au/companies/news/178310/anglo-asian-mining-back-in-profit-as-copper-output-doubles-178310.html Anglo Asian Mining Plc (LON:AAU) returned to profit and sharply reduced its outstanding debts on the back of higher copper production and a better gold price.

Sales of gold ounces dropped more than 16% to 53,281 ounces as Anglo ran into lower grades at its Gedabek mine in Azerbaijan, but the average gold price it received rose by US$92 per ounce.

Production of copper meanwhile doubled to 1,941 tonnes while silver production increased six-fold to 165,131 ounces.

The increase in copper and silver production, together with improved precious metal prices, boosted revenues to $79.2mln from $78.1mln.

Costs on an all in sustaining basis also fell to US$616 per ounce of gold from US$858 in 2015, which meant an operating profit of US$11.7mln compared to a loss of US$3.2mln.

Net debt reduced to US$34.6mln from US$49mln at the end of 2015.

Khosrow Zamani, chairman, said gold production would be lower again this year due to plant upgrades at Gedabek and underground development at Gadir, also in Azerbaijan.

This will be offset by increased production of copper, the production target for 2017 is  between 52,000 ounces and 58,000 ounces of gold and 2,000 tonnes and 2,400 tonnes of copper, which equates to a gold equivalent 64,000 ounces and 72,000 ounces compared to 72,304 ounces in 2016. 

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Thu, 25 May 2017 07:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178310/anglo-asian-mining-back-in-profit-as-copper-output-doubles-178310.html
<![CDATA[Media files - 'We're very pleased with how things are coming along' - Anglo Asian's Bill Morgan ]]> https://www.proactiveinvestors.com.au/companies/stocktube/7422/-we-re-very-pleased-with-how-things-are-coming-along-anglo-asian-s-bill-morgan-7422.html Tue, 09 May 2017 13:23:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/7422/-we-re-very-pleased-with-how-things-are-coming-along-anglo-asian-s-bill-morgan-7422.html <![CDATA[News - Anglo Asian Mining set to bring new Ugur mine on stream later this year ]]> https://www.proactiveinvestors.com.au/companies/news/177423/anglo-asian-mining-set-to-bring-new-ugur-mine-on-stream-later-this-year-177423.html Anglo Asian Mining Plc (LON:AAZ) has completed the second phase of its drilling campaign at the Ugur gold deposit in Western Azerbaijan, where first production is planned for the fourth quarter of this year.

Anglo Asian’s 2017 production target remains in the range of 64,000 to 72,000 ounces of gold, but the source of this production will temporarily change as Ugur comes on stream: mining operations at the Gedabek open pit will simultaneously be scaled back till the end of the year to allow for a greater focus on existing stockpiles.

WATCH: Anglo Asian boss "very pleased with how things are coming along'  CLICK HERE: For a daily round-up of all the Proactive news

"As a result of the accelerated work programme conducted at Ugur over recent months, we are on track to deliver a JORC reserve and ore extraction plan in Q3 2017 - less than a year after the deposit's initial discovery,” said Reza Vaziri, Anglo Asian’s chief executive. 

“As a production company with multiple mines, both open pit and underground, the Ugur deposit will be an important new component of our evolving production portfolio. We look forward to seeing the results of our optimisation efforts in 2018 when full production recommences at Gedabek."

Ore production has also been stopped from the Gadir underground mine to allow development and exploration drilling.  Any ore mined from Gadir during this exploration development phase will be stockpiled for production in the fourth quarter.

 

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Mon, 08 May 2017 07:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177423/anglo-asian-mining-set-to-bring-new-ugur-mine-on-stream-later-this-year-177423.html
<![CDATA[News - Anglo Asian hails copper expansion ]]> https://www.proactiveinvestors.com.au/companies/news/171728/anglo-asian-hails-copper-expansion-171728.html Anglo Asian Mining Plc’s (LON:AAZ) hailed a doubling of copper production last year though it undershot its gold target.

Grade issues continued to affect the Gedabek mine in Azerbaijan and the miner produced 15,483 ounces in the three months to December.

That made just under 65,400 oz for the year or some 9% lower than 2015.

Anglo added it achieved a gold price of $1,227 per ounce for the final quarter and US$1,253 per ounce on average for the year

Copper production doubled though and chief executive Reza Vaziri said this was one of Anglo Asian’s achievements of last year.

Some 1,941 tonnes of copper were produced along with 165,000 oz of silver.

Vazari also noted the  connection of Gedabek to the national grid in Azerbaijan in November, which was a major development as it would cut energy costs at the mine significantly. 

Net debt at the year end was US$35.1mln, with Vazari extending his loan to the company for another year.

“Having made a gold discovery at Ugur, only three kilometres from our Gedabek processing facilities, we are excited to have commenced a significant exploration programme which is already yielding potential new sources of ore,” he added.

Shares rose 5% to 23.2p.

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Tue, 17 Jan 2017 09:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171728/anglo-asian-hails-copper-expansion-171728.html
<![CDATA[News - Anglo Asian says new oxide zone deeper than thought ]]> https://www.proactiveinvestors.com.au/companies/news/170583/anglo-asian-says-new-oxide-zone-deeper-than-thought-170583.html Anglo Asian Mining Plc’s (LON:AAZ) newly discovered oxide zone, Ugur, within its Gedabek licence area in western Azerbaijan, is deeper than originally thought.

Early results from a core drilling programme have indicated the depth of the oxide is 60m with significant expansion potential.

Six core drill holes have been completed totalling 1,221 metres and will continue based on a 40-metre grid system to allow for resource and reserve estimation.

Stephen Westhead, Anglo Asian’s director of geology, added:  "With core drilling results having determined a significant oxide zone containing gold, it is planned to continue core drilling on a grid in the central area to allow for three-dimensional modelling for resource and reserve estimation of this exciting prospect.

“In conjunction with this, we will also drill the flanks of the area targeted by surface alteration mapping to expand the gold potential.”

 Reza Vaziri, chief executive, added Ugur was only three kilometres from its processing facilities at the main Gedabek site, highlighting the clear strategic value of developing this deposit. 

Shore Capital noted that all of the early shallow drilling had been carried out utilising just one drill bit, which suggests the oxide material at Ugur is comparatively soft and not abrasive.

"That should mean minimal blasting and high comminution productivity. Preliminary bottle roll test work results yielded an average gold recovery of 87% with “low” cyanide consumption."

Shares dropped 11% to 20.38p.

--update for broker comment and share price --

 

 

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Fri, 16 Dec 2016 07:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170583/anglo-asian-says-new-oxide-zone-deeper-than-thought-170583.html
<![CDATA[Media files - National grid hook-up 'a really good thing for us' says Anglo Asian Mining Plc CFO Bill Morgan ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6529/national-grid-hook-up-a-really-good-thing-for-us-says-anglo-asian-mining-plc-cfo-bill-morgan-6529.html Fri, 02 Dec 2016 10:46:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6529/national-grid-hook-up-a-really-good-thing-for-us-says-anglo-asian-mining-plc-cfo-bill-morgan-6529.html <![CDATA[News - Anglo Asian Mining hooks up Gedabek to national grid ]]> https://www.proactiveinvestors.com.au/companies/news/169740/anglo-asian-mining-hooks-up-gedabek-to-national-grid-169740.html Azerbaijan-focused miner Anglo Asian Mining Plc (LON:AAZ) said its Gedabek gold, copper and silver mine was now hooked up to the national grid, which is expected to result in annual cost savings of around $2.3mln.

Chief executive Reza Vaziri told investors the group could now expand production at Gedabek, unconstrained by the availability of electrical power.

"The diesel electrical generators at site will be retired from service but kept as backup, which will de-risk the operation to power outages," he said.

The miner added it had slightly reduced its 2016 gold production target to between 67,000 and 69,000 ounces from 69,000 ounces and 71,000 ounces due to recent lower grades coming from the Gadir underground mine and the move to a different power source.

Vaziri added: "Although we are reducing our full year gold production target by 2,000 ounces, the company's recent return to profitability will be now be further enhanced by the cost savings resulting from connection to the power grid and release of power constraints on our processing."

The payback of the total cost of the electrical installation ($2.1mln) is expected in around one year.

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Wed, 30 Nov 2016 08:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/169740/anglo-asian-mining-hooks-up-gedabek-to-national-grid-169740.html
<![CDATA[News - Anglo Asian finds new gold prospect at Gedabek ]]> https://www.proactiveinvestors.com.au/companies/news/167480/anglo-asian-finds-new-gold-prospect-at-gedabek-167480.html Anglo Asian Mining Plc (LON:AAZ) says it has enhanced the future production potential at its Gedabek mine in Azerbaijan with the discovery of a new gold target.

The prospect was found 3 km north-west of the miner's agitation plant and heap leach facilities and has been called 'Ugur', which means 'good luck' or 'success' in Azeri.

Early testing after sampling and drilling has shown the oxide zone is amenable to leaching, with average gold recovery of 87%.

READ - Anglo Asian Mining on road to profitability

The firm said: "This prospect is very exciting given its close proximity to the Gedabek processing facilities and the initial positive drill and metallurgical testwork results."

Chief executive Reza Vaziri added that Ugur had the potential to add significantly to the group's gold resources and reserves and hence future production at Gedabek.

"Having recently returned to profitability, and following the completion of several operational initiatives to improve efficiencies and lower costs at Gedabek, I believe Anglo Asian is now well positioned to expand its mineable reserves which will lay the foundations for long term and sustainable production from multiple deposits at Gedabek."

Twenty reverse circulation (RC) holes were sunk for 360 metres, with highlights including  34 metres at 0.39 grams per tonne (g/t), including 13 metres at 0.83 g/t, and another hole, which showed 34 metres at 5.45 g/t.

Significantly, a further exploration target has been defined in the expanded Ugur area located about 1,500 metres to the south of the current Ugur drilling area.

Anglo Asian said an initial Phase II core drilling programme has now started to determine overall depth and style of mineralisation with a view to increase resources.

Last week, the firm revealed that a delay to commissioning of a second mill hit production in the third quarter but it repeated its full year gold production target.

Gold output in the period was down at 16,497 ounces compared to 19,375 ounces in the second quarter, while copper production came in at 485 tonnes, compared to 497 tonnes in the second quarter

The firm produced 33,899 ounces of silver compared to 52,214 ounces the previous quarter.

Shares gained 1.99% to 19.25p on the day.

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Mon, 17 Oct 2016 07:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167480/anglo-asian-finds-new-gold-prospect-at-gedabek-167480.html
<![CDATA[News - Anglo Asian mills more but sees lower grade in third quarter ]]> https://www.proactiveinvestors.com.au/companies/news/167343/anglo-asian-mills-more-but-sees-lower-grade-in-third-quarter-167343.html A delay to the commissioning of a second mill hit Azerbaijan-focused gold miner Anglo Asian Mining Plc's (LON:AAZ) production in the third quarter but it repeated its full year gold production target.

Gold output in the period was down at 16,497 ounces compared to 19,375 ounces in the second quarter, while copper production came in at 485 tonnes, compared to 497 tonnes in the second quarter

The firm produced 33,899 ounces of silver compared to 52,214 ounces the previous quarter.

READ - Anglo Asian Mining on road to profitability WATCH - Anglo Asian Mining on track to hit production targets, says CFO

But chief executive Reza Vaziri said the miner, which continues to reduce costs, continued to make "solid progress".

"Whilst production during the period was impacted due to slightly later than anticipated commissioning of the second SAG mill, total tonnes milled during the quarter increased which partially offset the lower gold grades encountered.

"The utilisation of stockpiled sulphide ore as feedstock for the flotation plant is another positive development for Anglo Asian. The company continues with its cost reduction and sustainability initiatives, and the connection of the Gedabek site to the national power grid by the end of next month will be another milestone."

Anglo is targeting to produce a total of between 69,000 ounces and 71,000 ounces of gold for the year to December 31 and between 1,700 tonnes and 2,100 tonnes of copper.

Work on the electrical sub-station and associated overhead power lines is now substantially complete and it is expected the Gedabek mine will be connected to the national grid by the end of next month (November)

The water treatment plant is now being manufactured by the supplier and is expected to be installed at the beginning of the second quarter of 2017, with a target start-up date of end April 2017.

The water evaporation equipment is expected to be received and installed by the end of this year, the group added.

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Thu, 13 Oct 2016 07:37:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167343/anglo-asian-mills-more-but-sees-lower-grade-in-third-quarter-167343.html
<![CDATA[News - Anglo Asian Mining back in profit as costs are squeezed ]]> https://www.proactiveinvestors.com.au/companies/news/165718/anglo-asian-mining-back-in-profit-as-costs-are-squeezed-165718.html Azerbaijan-based gold miner Anglo Asian Mining Plc (LON:AAZ) returned to the black in its latest half year as lower costs outweighed fewer ounces being sold.

Revenues for the six months to June were US$39.2mln (US$41.8mln), but Anglo Asian posted an operating profit of US$6mln (US$1.1mln loss) and a pre-tax surplus of US$3.5mln (US$4.1mln loss).

Sales of gold and silver bullion were US$34.1 mln which comprised 27,719 ounces of gold and 4,496 ounces of silver at an average price of US$1,230 and US$16 per ounce respectively.

Copper concentrate sales jumped to US$5.2mln.

Costs fell by 26% on average to US$546 (US$736) per oz due to lower mining and processing costs, higher by-product sales, i.e copper, and a dip in the value of the Azerbaijan currency.

Khosrow Zamani, chairman, said production in the third quarter had also been slower than anticipated and the full year target has been trimmed to 69,000 to 71,000 oz gold equivalent, but overall the picture was encouraging.

Net debt at the half year was  US$40.7mln. 

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Mon, 12 Sep 2016 08:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165718/anglo-asian-mining-back-in-profit-as-costs-are-squeezed-165718.html
<![CDATA[News - Anglo Asian well placed to benefit in Azerbaijan, says SP Angel ]]> https://www.proactiveinvestors.com.au/companies/news/128859/anglo-asian-well-placed-to-benefit-in-azerbaijan-says-sp-angel-128859.html House broker and resource specialist SP Angel is upbeat on gold miner Anglo Asian Mining Plc (LON:AAZ) and has upgraded its rating on the stock to 'buy' from 'hold'.

It reckons better production, weaker currency and operational savings at its operations in Azerbaijan will drive Total cash costs (TCC) lower and impove free cash flow, which will in turn improve the balance sheet.

The broker has calculated a net asset value (NAV) for the company of US$43.3mln or 24p/share, which implies a 29% upside to the current share price (18.6p).

Analyst John Meyer reckons total gold and copper output will come in at 74,000 ounces for 2016 -  against management guidance of 73 to 77,000 ounces

The broker assumes that 2,200 tonnes of copper will be produced with production skewed towards the second half  of 2016 due to stronger throughput from the newly installed SAG mill.

The miner is forecast to report a significant drop in total cash costs driven by a 32% depreciation in the local Azeri manat through 2016 compared to 2015 and a 50% drop  against 2014, alongside stronger production and operational optimisation.

Total cash costs are expected to average $688 per ounce  and $598 per ounce in 2016 and 2017, respectively, compared to $821 per ounce in 2015.

That will translate into $19.8mln and $18.4mln in levered FCF (free cash flow), which comfortably covers  its loan repayment commitments to ATB of $10m per year during the period.

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Mon, 01 Aug 2016 15:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/128859/anglo-asian-well-placed-to-benefit-in-azerbaijan-says-sp-angel-128859.html
<![CDATA[Media files - Anglo Asian Mining on track to hit production targets, says CFO ]]> https://www.proactiveinvestors.com.au/companies/stocktube/5289/anglo-asian-mining-on-track-to-hit-production-targets-says-cfo-5289.html Fri, 15 Jul 2016 13:41:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/5289/anglo-asian-mining-on-track-to-hit-production-targets-says-cfo-5289.html <![CDATA[News - Anglo Asian Mining's second quarter output trumps first ]]> https://www.proactiveinvestors.com.au/companies/news/128182/anglo-asian-mining-s-second-quarter-output-trumps-first-128182.html Anglo Asian Mining Plc (LON:AAZ) saw a substantial pick-up in production in its second quarter as it continues to improve and lower costs at its Azerbaijan operations.

And chief executive Reza Vaziri told investors: "The second half of the year has historically been our best performing half due to the seasonally better weather and our production will also benefit from the second SAG mill which is due to start operating next month."

Gold output from Gedabek rose to 19,665 ounces in the three months to end June, compared to 14,172 ounces in the first quarter this year.

Copper production came in at 537 tonnes versus 432 tonnes last quarter, while the miner produced 56,440 ounces of silver against 34,342 ounces in Q1.

It sold 15,661 ounces of gold in doré sales in the three months at an average price of $1,265 per ounce (Q1: 12,058 ounces at an average of $1,184 per ounce).

Copper concentrate shipments to the customer totalled 1,582 dry metric tonnes with a sales value of $3 million (Q1: 1,330 dmt with a sales value of $2.1 million).

The first half also saw a contract struck over purifying water from the tailings dam and a second contract was executed to build electrical sub-station and associated overhead power lines  expected to be completed by end of 2016, and anticipated annual savings of $1.8 to $2.0 million from 2017 onward.

"The new underground equipment which is now in full time use at Gadir is also improving our productivity," the firm added as it continues to work towards returning to profitability."

The firm has also hedged around half of expected gold sales for the rest of the 2016 due to the recent strength in the gold price resulting from the uncertainty of the UK's EU referendum decision.

The minimum sale price per ounce will be US$1,200 and the maximum US$1,426 under the deal, which the firm called a "win win" transaction.

"This is the first time Anglo Asian has hedged gold sales and this transaction therefore marks another stage in the development of your company," it told investors.

Its targeted output for the full year remains at between 73,000 ounces and 77,000 ounces of gold and 1,700 to 2,100 tonnes of copper.

Net debt as at June 30 was US$40.8 million, a reduction of US$8.2 million since the end of 2015.

Broker Shore Capital noted the improved Q2 production, that full-year targets were maintained and that the higher gold price eased balance sheet concerns, but added that  "investors should remain wary, we believe".

"The recent rise in the gold price has alleviated our concerns somewhat for the near term, but until the balance sheet has been properly sorted out, we believe that investors should remain wary in relation to the medium term," said analyst Yuen Low.

Shares gained 7.97% to 18.625p.

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Thu, 14 Jul 2016 07:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/128182/anglo-asian-mining-s-second-quarter-output-trumps-first-128182.html
<![CDATA[News - Anglo Asian Mining on road to profitability ]]> https://www.proactiveinvestors.com.au/companies/news/128110/anglo-asian-mining-on-road-to-profitability-128110.html A glance at Anglo Asian Mining Plc's (LON:AAZ) share price chart over the last six months shows the progress with which the market is crediting the gold miner and signs are looking up for the rest of the year too.

Shares in the Azerbaijan-focused firm are up around 245% since the end of January as it continues to make strides at its flagship Gedabek operation.

The recovery ball started to get rolling last year and 2015 saw record gold production, as it generated around 72,000 ounces for the whole year, a 19% increase on 2014.

There was also the launch of a new small flotation plant for copper and gold in the third quarter, which added to revenue, along with a concerted effort to lower costs and make operating efficiencies.

Significantly, production costs in the  year were reduced to an impressive US$724 per  ounce from US$971 per ounce - a trend, albeit not to that extent, the firm is determined to continue in 2016.

The year also saw the group reduce its debt position to US$49mln from US$52.4mln- no mean feat when one considers it built a small plant.

And the miner is now looking to further reduce its debt from cash flow generated in 2016..

In terms of the final numbers, the loss before tax in 2015 reduced to US$8.9million from US$14.4mln in 2014, while revenues grew to $78.1 million (2014: $68mln).

An asset portfolio in Azerbaijan

The firm's key properties span 1,000 sq km. Gedabek started production in 2009 in Western Azerbaijan. The underground Gadir at Gedabek started producing last year.

A second underground mine - Gosha - is 50 kilometres north-west of Gedabek, while Ordubad is an early stage gold-copper exploration property located in the Nakhchivan region.

Firm sees pick-up in output for rest of 2016

As the group told an AGM at the end of last month, it is confident of achieving its targeted 73,000 to 77,000 gold ounces for full year 2016 and 1,700 to 2,100 tonnes of copper.

It comes as the second quarter (to June 30) has seen a pick-up in output after  a first quarter, which was blighted by heavy snow and lower grade ore.

Second quarter gold production to end June was rose to 19,665 ounces compared to 14,172 in the first quarter of 2016. Copper came in at 537 tonnes (Q1: 432t) and 56,440 ounces of silver were generated, compared to 34,342 ounces in Q1.  

Bill Morgan, the finance chief recently repeated that confidence in an interview with Proactive,  outlining that production will be aided by a full year's worth of the new flotation plant, adding 4-5,000 ounces of gold, and 2,100 tonnes of copper.

He also cited the devaluation of the Azerbaijan Manat against the US dollar at the end of last year, which is set to reduce operating costs by around $13mln for 2016.

And he pointed to the higher gold sale prices the firm should achieve due to the strength of the yellow metal currently.

Gold, the famous safe haven asset, has gained around 25% this year alone.

Significantly, the firm recently took advantage of the recent strength of the  yellow metal to hedge around half of its of its forecast sales for the rest of 2016.

The minimum sale price per ounce will be US$1,200  and the maximum US$1,426 under the deal, which the firm called a "win win" transaction.

A new SAG mill for the third quarter

Another factor sure to influence output this year will be the final commissioning of a new SAG (grinding) mill in the third quarter, which will increase throughput.

"We are confident on the outlook for 2016 and delivery of our strategy to return your company to profitability. I would like to note that the market appears to be watching these achievements and I have been greatly encouraged to see the recent rise in Anglo Asian's share price," chief executive Reza Vaziri told the June AGM.

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Tue, 12 Jul 2016 12:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/128110/anglo-asian-mining-on-road-to-profitability-128110.html
<![CDATA[News - Anglo Asian Mining sees pick-up in gold output in second quarter ]]> https://www.proactiveinvestors.com.au/companies/news/127516/anglo-asian-mining-sees-pick-up-in-gold-output-in-second-quarter-127516.html Azerbaijan-focused Anglo Asian Mining Plc (LON:AAZ) remains  positive of achieving targeted gold and copper output in  2016 after seeing a pick-up in production in the second quarter.

Speaking at the AGM later today, chief executive Reza Vaziri will note production in the first quarter had seen a slow-down due to winter weather conditions and poorer grades.

"However, we have seen a significant pick up in gold doré production since the beginning of April due to better grades," he added.

"The second semi-autogenous grinding (SAG) mill is now in place at Gedabek and is being commissioned.

Speaking on several moves to lower costs, he added: "The optimisation of the flotation plant continues and we have also seen a significant pick up in the production of copper and gold concentrate since the beginning of April."

The firm remains positive on achieving 73,000 to 77,000 gold ounces and copper of 1,700 to 2,100 tonnes of copper for the full year 2016.

It comes after the firm continued to turn around fortunes in 2015 and post record gold output from the Gedabek mine.

As Vaziri  will also point out, 2015  was still not profitable for Anglo as the global environment for mining companies remained poor bit it did increase turnover to US$78.1 million from US$68.0 million in 2014 and narrow the pre-tax loss to US$8.9 million from US$14.4 million in 2014.

"This is a very credible result given the poor environment," said the company boss.

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Mon, 27 Jun 2016 07:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/127516/anglo-asian-mining-sees-pick-up-in-gold-output-in-second-quarter-127516.html
<![CDATA[Media files - Anglo Asian on track for FY production guidance, says CFO ]]> https://www.proactiveinvestors.com.au/companies/stocktube/5077/anglo-asian-on-track-for-fy-production-guidance-says-cfo-5077.html Wed, 25 May 2016 15:55:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/5077/anglo-asian-on-track-for-fy-production-guidance-says-cfo-5077.html <![CDATA[News - Anglo Asian confident of metal price recovery ]]> https://www.proactiveinvestors.com.au/companies/news/126353/anglo-asian-confident-of-metal-price-recovery-126353.html Azerbaijan-focused Anglo Asian Mining Plc (LON:AAZ) said increased metal prices in 2016 give it confidence of a sustained recovery, as it posted 2015 results, which showed record gold production from its Gedabek mine.

Total output of the yellow metal was 72,032 ounces, compared to 60,285 ounces in 2014, while sales were 63,924 ounces (2014: 50,615 ounces) for an average of $1,161 per ounce (2014: $1,267 per ounce).

The group loss before tax reduced to $8.9 million from $14.4mln in 2014, while revenues grew to $78.1 million (2014: $68mln).

Silver production for 2015 reduced to 28,628 ounces from 31,177 ounces in 2014 due to changing mineralogy, while copper ouput was 969 - 24% higher than in 2014.

As reported last month, the firm has seen a slow-down in gold production in its first quarter due to weather and geology but an uplift in copper and gold output.

It was the first full quarter of production from the small flotation plant installed at the end of last year, and the firm is looking forward to ramping up output from this facility in the months ahead.

It is targeting to produce a Total of  between 73,000 and 77,000 ounces of the yellow metal for the year ahead, including around 4-5,000 ounces from the plant.

The miner is targeting copper output for the year of between 1,700 tonnes and 2,100 tonnes.

"Our forecast gold production for 2016 is slightly higher than that achieved in 2015, and there will be a full year's contribution from our new flotation plant. We are also benefiting from lower costs due to the devaluation of the Azerbaijan Manat. Accordingly, we believe the outlook for 2016 represents a further improvement over 2015 and look forward to updating shareholders on our progress," the group said.

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Wed, 25 May 2016 07:56:00 +1000 https://www.proactiveinvestors.com.au/companies/news/126353/anglo-asian-confident-of-metal-price-recovery-126353.html
<![CDATA[News - Anglo Asian Mining reports first quarter production slowdown but eyes plant ramp up ]]> https://www.proactiveinvestors.com.au/companies/news/124722/anglo-asian-mining-reports-first-quarter-production-slowdown-but-eyes-plant-ramp-up-124722.html Azerbaijan-focused miner Anglo Asian Mining PLC (LON:AAZ) saw a slow-down in gold production due to weather and geology in the first quarter but an uplift in copper and gold output.

It was the first full quarter of production from the small flotation plant installed at the end of last year, and the firm is looking forward to ramping up output from this facility in the months ahead.

From the Gedabek mine, It is targeting to produce a total of  between 73,000 and 77,000 ounces of the yellow metal for the year ahead, including around 4-5,000 ounces from the plant.

Chief executive Reza Vaziri told investors: "Following record gold production in 2015 when we produced 72,032 ounces of gold, the first quarter of 2016 has unfortunately seen a slow-down in production.

"Ordinarily, the first quarter of the year has always had lower production due to the difficult winter weather conditions.

"However, the harder rock that has been encountered together with its lower grade has also further lowered production compared to the previous quarter.

"To combat this harder rock, we have contracted for a second SAG mill to be installed in the agitation leach plant and we expect the SAG mill to be operational in Q3 2016."

For the three months to end March the firm produced 14,172 ounced of gold, compared to 17,930 ounces in the fourth quarter.

Copper came in at 432 tonnes, versus 335 tonnes in the previous quarter, while silver output almost doubled in  the three months, coming in at 34,342 ounces compared to 17,710  in Q4.

The miner is targeting copper output for the year of between 1,700 tonnes and 2,100 tonnes.

In terms of gold doré sales for the quarter, the group sold  12,058 ounces at an average of $1,184 per ounce , compared to 15,759 ounces at an average of $1,108 per ounce last quarter.

Vaziri also highlighted the 16% rise in the gold price in the first quarter - the metal's best performance in 30 years.

"We look forward to seeing this positively impact our revenues in quarter two and beyond as we continue on our path to build a mid-tier gold and copper producer in Azerbaijan," he said.

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Wed, 13 Apr 2016 07:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/124722/anglo-asian-mining-reports-first-quarter-production-slowdown-but-eyes-plant-ramp-up-124722.html
<![CDATA[Media files - Anglo Asian Mining’s finance chief on Gedabek’s record production ]]> https://www.proactiveinvestors.com.au/companies/stocktube/4552/anglo-asian-minings-finance-chief-on-gedabeks-record-production-4552.html Fri, 15 Jan 2016 15:16:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/4552/anglo-asian-minings-finance-chief-on-gedabeks-record-production-4552.html <![CDATA[News - Anglo Asian beats expectations with record production ]]> https://www.proactiveinvestors.com.au/companies/news/121345/anglo-asian-beats-expectations-with-record-production-121345.html Fourth quarter production from Anglo Asian Mining’s (LON:AAZ) Gedabek mine in Azerbaijan rang in at 17,390 ounces of gold, 335 tonnes of copper and 17,710 ounces of silver, beating expectations in the City by a small margin and stimulating a small rally in the shares, which rose 2.5% on the news in morning trade.

The numbers round off what was a significant year for the company, as it hit record gold production and successfully installed a small scale flotation plant to improve processing.

Analysts at SP Angel had been expecting quarterly production of around 16,400 ounces of gold and attributed the out-performance to better processing grades and an improvement in recoveries at the agitation leach circuit.

The broker also highlighted that full year production had come in at just over 72,000 ounces, a level 19% higher than that delivered in the previous year.

However, on its own back-of-the-envelope calculations, SP Angel also reckoned that copper output might not be as high next year as had previously been thought.

We’ll have to wait for the company’s next set of financials before the full effects become clear.

But it’s worth noting at this stage that significant improvements had already come through by the time Anglo Asian put out its previous set of financials back in September.

The company reported at the time that cash costs per ounce had dropped from a previous figure of well over US$1,000 to a much more manageable US$736 per ounce.

Given that the gold price now appears to have stabilised in the face of the confusing signals coming out of China and the ongoing political uncertainty relating to Islamic extremism, the economics of Gedabek ought to be secure.

There remains the matter of company debt, an issue which is by no means unique to Anglo Asian, which has been bedevilling the entire mining sector of late.

In fact, Anglo Asian’s overall debt position was reduced by US$3.2mln during 2015 and stood at the end of the year at US$49.2mln.

Specifically, the company’s US$4mln debt to its chief executive Reza Vaziri, has been rolled over for a further six months at no extra cost, and is now due for repayment in early July.

All of which sets up Anglo Asian nicely for 2016, and allows it to continue to establish itself, in the words of Reza Vaziri, “as a leading mid-tier gold producer in Caucasia.”

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Thu, 14 Jan 2016 11:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/121345/anglo-asian-beats-expectations-with-record-production-121345.html
<![CDATA[News - Anglo Asian notches up record gold production ]]> https://www.proactiveinvestors.com.au/companies/news/121326/anglo-asian-notches-up-record-gold-production-121326.html Anglo Asian Mining (LON:AAZ) produced a record amount of gold in 2015 as its recovery strategy kicked in fully.

The Azerbaijan-based miner produced just short of 18,000 ounces of gold in the last three months of 2015 to make around 72,000 ounces for the whole year, a 19% increase over 2014. Anglo Asia’s forecast was for between 70-75,000 ounces.

Gold dore sales for the year totalled 63,924 ounces at an average price of $1,161 per ounce.

In addition, there was US$3.3mln of revenue generated from copper sales with its new flotation plant starting to contribute from the fourth quarter along with higher grade ore from the newly commissioned Gadir mine.

Reza Vaziri, chief executive, said the flagship mine at Gedabek had made significant progress over 2015.

“With production at Gedabek increasing, the successful launch of our flotation plant in Q3 2015 and our continuing plant optimisation to improve efficiencies and cost controls, I believe we have delivered on our turnaround strategy this year to return Anglo Asian to profitability.”

Net debt was US$49.2mln at the year end. 

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Thu, 14 Jan 2016 07:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/121326/anglo-asian-notches-up-record-gold-production-121326.html
<![CDATA[News - Anglo Asian Mining to benefit from currency changes ]]> https://www.proactiveinvestors.com.au/companies/news/120714/anglo-asian-mining-to-benefit-from-currency-changes-120714.html Some of Anglo Asian Mining's (LON:AAZ) operating costs and overheads will be positively impacted by Azerbaijan's currency exchange changes, the miner said today, sending shares higher.

The government announced a switch from a fixed to a floating exchange rate regime for the Azerbaijan New Manat, the firm said.

Against the US dollar today therefore, it amounts to AZN1.55 compared to AZN1.05 previously - an effective devaluation of around 48%.

Anglo Asian said a "substantial portion" of its operating costs and overheads were denominated in Azerbaijan New Manats while its revenues are all in US dollars.

"This move to floating rates and the associated devaluation, whilst unwelcome for the people of Azerbaijan, will therefore have a beneficial impact on some operating costs and some overheads of the company," it said in a stock exchange statement.

The firm is currently evaluating the effect of the effective devaluation on its budget and plans and will update as appropriate.

Anglo is a gold, silver and copper miner in Central Asia.

Anglo shares added 14.71% to 4.875p on the day.

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Mon, 21 Dec 2015 15:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/120714/anglo-asian-mining-to-benefit-from-currency-changes-120714.html
<![CDATA[Media files - Anglo Asian Mining CFO Bill Morgan presents at Mining Capital Conference ]]> https://www.proactiveinvestors.com.au/companies/stocktube/4471/anglo-asian-mining-cfo-bill-morgan-presents-at-mining-capital-conference-4471.html Fri, 11 Dec 2015 04:43:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/4471/anglo-asian-mining-cfo-bill-morgan-presents-at-mining-capital-conference-4471.html