Anglo Asian Mining PLC (ISE:AAZ)

Anglo Asian Mining PLC (ISE:AAZ)

Share Price
108.00 p
6 (5.88 %)
Market Cap
£123.54 m
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Anglo Asian Mining PLC

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 at Gedabek, the Gosha Mine which is...

Market: ISE:AAZ
52-week High/Low: 108.000p / 38.200p
Sector: General Mining - Gold
Market Cap: £123.54 m
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Big Picture – A Deep Dive Examination of Anglo Asian Mining PLC

Anglo Asian Mining PLC Snapshot




Anglo Asian Mining PLC's strategy is to build a leading gold, copper and silver producer in Azerbaijan and Caucasia by using its first mover advantage and to leverage the experience of its board and management team. Key pillars of the strategy are as follows:

  • Optimisation of gold and copper production at its Gedabek site, in particular the performance of its agitation leach plant, to ensure maximum production at lowest possible cost.
  • Optimisation of flotation processing at its Gedabek site to exploit the copper content of the ore.
  • Increase of its production profile by identifying further resources and reserves in proximity of the Gedabek mine within the 300 square kilometre licence area.
  • Exploration of the Ordubad site with the aim of increasing the Company’s resource base and assessing production opportunities.

The Company will also look to develop the 900 square kilometre additional licences it holds in the occupied territories when the political situation permits.

Anglo Asian Mining’s wholly owned subsidiary, Azerbaijan International Mining Company, operates three mines; its main Gedabek gold-copper open pit and nearby high grade underground Gadir gold-copper mine and the Gosha underground gold mine. The Gedabek contract area has significant exploration potential along a mineralised belt within its 300 square kilometre area. The belt comprises known gold, gold-copper (often in outcrop), plus copper-molybdenum mineralisation. The Company is currently carrying out exploration activity at Bittibulag, where copper-gold mineralisation is exposed on surface and at several occurrences along strike of the Gedabek mine.

In addition, the Ordubad contract area hosts significant gold, gold-copper targets that have been assessed by Soviet surface and underground exploration and comprises surface exposure of gold hosting quartz veins and copper mineralised faults that will be subject to evaluation.

Given the company’s demonstrated ability to convert resources to reserves and construct mining operations, these exploration targets give significant opportunity to extend mine life. Anglo Asian Mining plc’s main operations are located within three contract (licence) areas in Azerbaijan with a total area of 1,062 square kilometres.


Anglo Asian Mining PLC's main operations span three contract areas in Azerbaijan covering 1,062 square kilometres.

  • Gedabek – the site of the Company's main open pit mine and also Gadir, a co-located underground mine.
  • Gosha – where the Company is operating a small, high grade mine.
  • Ordubad – an early stage gold and copper exploration property located in the Nakhchivan region of Azerbaijan.

The Company processes all its ore at the Gedabek site using predominantly heap and agitation cyanide leaching. It has also built a flotation plant to exploit the high copper content of the ore.

Tethyan Tectonic Belt

Anglo Asian Mining PLC's assets are located within one of the world's significant gold and copper bearing trends, the Tethyan Tectonic Belt, which extends from Pakistan to the Balkans running through Iran, Azerbaijan, Georgia and Turkey.

The major operating mines within the Tethyan Tectonic Belt contain porphyry copper deposits that are some of the largest sources of copper in the world and also yield significant quantities of gold and molybdenum.

Major copper, gold and molybdenum deposits in the belt include:

  • Sar Chesmeh & Sungun (500 mt at 0.75% Cu, 0.01% Mo) in Iran.
  • Kadjaran (400 mt at 0.27% Cu, 0.055% Mo, 0.03 g/t Au) & Agarak (45 mt at 0.46% Cu, 0.027% Mo, 0.025 g/t Au) in Armenia.
  • Tekhout & Zod (4.3 mt at 7.3 g/t Au) in Armenia.
  • Cayeli (20 mt at 4.2% Cu, 0.8 g/t Au) and Cerateppe (3 mt at 5.1% Cu) in Turkey.
  • Madneuli (23.5 mt at 1.03 g/t Au) in Georgia.



For information on the Gedabek Contract Area, please click here

For information on the Flotation Plant, please click here

For information on the Gosha Contract Area, please click here

For information on the Ordubad Contract Area, please click here

For information on Reserves and Exploration, please click here

For information on The Occupied Territories and Nagorno-Karabakh, please click here


Abduljabar Ahmadov
Vice president – Government affairs, Azerbaijan International Mining Company Limited

Abduljabar Ahmadov, Vice-President Government Affairs, has wide range of experience in the oil industries starting in 1988.  He has served at various positions in the SOCAR, from Chief of Reserves Department to Advisor to the President and Advisor to BP President on ACG Project. In these senior positions, Abduljabar has taken an active role in preparation and signing of 27 PSAs and was one of the responsible executors of various projects such as Chirag platform, construction of Baku-Supsa, Baku-Novorossiysk, BTC, SCP (Baku-Erzerum) pipe lines, ACG project, etc. Abduljabar has a Ph.D. in geology.

Mehrdad Etemad
Senior Vice President, Azerbaijan International Mining Company Limited

Mehrdad Etemad, Senior Vice President of Azerbaijan International Mining Company since 2008, holds an M.Sc. in Industrial Engineering from California State University and a B.Sc. in Mechanical engineering from University of California, Berkeley. Mehrdad has 14 years of experience in consultancy work for the private sector as well as for the World Bank Group which included development and implementation of supply chain systems, implementation of corporate social responsibility (CSR) programs and SME development. Prior to consulting work, Mehrdad had 25 years of experience in setup, start up and operations of medium and large enterprises in the USA, the Balkans, Middle East and China.

Farhang Hedjazi
Vice President Technical Services, Azerbaijan International Mining Company Limited

Farhang Hedjazi oversees all mining and exploration activities. He joined AIMC in July 2008 as project manager, overseeing the design and construction of the Gedabek mine, comprising the heap leaching and SART facilities. He served as technical advisor to the President from 2009 to 2011 when he was appointed as Vice President Technical Services. He has worked for the National Iranian lead and zinc company as chief process engineer from 1986 to 1989. He then founded Kahanroba engineering company. He has designed and constructed several zinc smelters, gold CIL plants, gold heap leach facilities and has managed underground mining facilities. He has an M.Sc. degree in non-ferrous extractive metallurgy, and has worked in this field since 1985.

William Morgan
Chief Financial Officer, Anglo Asian Mining PLC

Bill Morgan is a UK chartered accountant with over 30 years accountancy and financial management experience. He has worked in the UK, the Far East, Kazakhstan and Russia. Previously, he was regional financial officer for the Kinross Russia region based in Magadan, Russia. Between 2006 and 2012 was CFO of Hambledon Mining PLC, an AIM listed gold mining company, and was based in Kazakhstan. He has been instrumental in several successful start-ups and restructuring of companies in the telecoms and mining industries. Bill speaks Russian.

Timothy Bretten van Zeller
Operations Manager, Azerbaijan International Mining Company Limited

Tim van Zeller is operations manager of Anglo Asian's Gedabek operation and has 40 years experience in metallurgical processing in the mining industry. He has experience in the extractive metallurgy of gold, silver nickel and manganese having worked extensively in Africa and Central Asia. He specializes in gold processing plants as well as heap leaching.
Tim's studies at the Universities of Rhodesia and South Africa included Analytical Chemistry, Management Development and Extractive Metallurgy.

Stephen Westhead
Director of Geology, Azerbaijan International Mining Company (AIMC)

Dr Stephen Westhead is a geologist with over 28 years of experience and joined AIMC in April 2016. Stephen has worked in India, CIS, Eastern Europe and Russia. Previously, he was Technical Advisor to the Managing Director of Polyus Gold’s main business unit. Stephen has project management expertise from exploration to construction and mine production. He earned a PhD in structural controls on mineralisation, an MSc in Mineral Exploration and Mining Geology and a BSc in Applied Geology. He is a Chartered Geologist, Fellow of The Geological Society, a Member of the Institute of Materials, Minerals and Mining, and Member of the Institute of Directors.

Key shareholders

Shareholders as of 29 November 2016

Key shareholders Number of
ordinary shares
Reza Vaziri 32,796,830 29.111
Governor John Sununu 10,734,540 9.528
Limelight industrial developments 4,038,600 3.585
Khosrow Zamani 1,259,590 1.118
Prof John Monhemius 341,890 0.303
Richard Round 306,759 0.272

The Company is subject to the UK City Code on Takeovers and Mergers.

Anglo Asian Mining plc

20, 520 Yard
Huseyn Javid Avenue
Baku, AZ1073
The Republic of Azerbaijan

Telephone +994 (12) 596 3350
Facsimile +994 (12) 596 3354
Email [email protected]


Registered office
7 Devonshire Square
Cutlers Garden
London EC2M 4YH
United Kingdom

Tel: +994 (12) 596 3350
Fax: +994 (12) 596 3354


Nominated Adviser and broker
SP Angel Corporate Finance LLP
Prince Frederick House
35-39 Maddox Street
Tel: 020 3463 2260

PR/IR contact
St Brides Partners Ltd
3 St Michael’s Alley
United Kingdom

Tel: 0207 236 1177
[email protected]

Nominated Adviser and Broker
S.P. Angel Corporate Finance LLP
Prince Frederick House
35-39 Maddox Street
London W1S 2PP
United Kingdom

Ernst & Young LLP
1 More London Place
London SE1 2AF
United Kingdom

Bankers – Europe
Amsterdam Trade Bank N.V.
Herengracht 469
1017 BS Amsterdam
The Netherlands

Financial PR Advisers
St Brides Partners Ltd
3 St. Michael's Alley
London EC3V 9DS
United Kingdom

Bankers – Azerbaijan
International Bank of Azerbaijan
67 Nizami Str.

Solicitors – United Kingdom
Squire Patton Boggs (UK) LLP
7 Devonshire Square
Cutlers Gardens
London EC2M 4YH
United Kingdom

Bankers – Azerbaijan
Yupi Kredi Bank Azerbaijan JSC
32 J. Jabbarly Str.

Solicitors – Azerbaijan
Nazal Consulting LLC
36 Islam Safarly Str.

Capita Asset Services
The Registry
34 Beckenham Road
Kent BR3 4TU
United Kingdom

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