17:00 Thu 20 Jun 2019
Anglo Asian Mining - AGM Statement
AGM Statement
"2018 has been a year of continued progress for the Company. We have successfully executed on our strategy which is to become a leading gold, copper and silver producer in
"During the year, the Company reported impressive increases in production including a 22 per cent. year on year increase in gold production to 72,798 ounces and a 17 per cent. increase in total production to 83,736 gold equivalent ounces. These increases were the result of initiatives put in place in previous years to optimise operations and which proved successful as we achieved production in the upper range of our guidance. Significantly in 2018, we further decreased our all-in sustaining cost of gold production to
"We are committed to the sustainability and longevity of the business and to this end, implemented a rigorous three-year exploration programme which commenced in 2018. The programme's key objectives included updating the resource and reserve estimates at Gedabek, Gosha and Ugur in line with JORC (2012) code, as well as identifying potential new areas of mineralisation and drill targets with the potential to fast track towards production as standalone mining operations. As demonstrated by Ugur, the Company has the ability to rapidly advance discoveries into production in a short time frame. In 2018, we carried out an aerial geological survey - the first of its kind in
"At our AGM last year, we announced that the Board was looking to pay a maiden dividend and I am delighted that we were able to do so. In respect of 2018, the Company will pay a total dividend of seven
"Looking ahead, I am encouraged by recent results of our exploration activities that have successfully identified opportunities for potential future development of Gedabek and our other contract areas. We also believe Ordubad in particular is an untapped value opportunity. The last few years have been transformational for the Company and as such we now in an excellent position to move forward. I would like to take this opportunity to thank my fellow board members, our management team and employees in
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information please visit www.angloasianmining.com or contact:
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Tel: +994 12 596 3350 |
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Tel: +994 502 910 400 |
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Tel: +994 502 916 894 |
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Nominated Adviser and Broker |
Tel: +44 (0) 20 3470 0470 |
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Nominated Adviser and Broker |
Tel + 44 (0) 20 3470 0470 |
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Tel: +44 (0) 20 7236 1177 |
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Tel: +44 (0) 20 7236 1177 |
Notes:
The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the Lesser Caucasus mountains in western
The Company also operates the high grade Gadir underground mine, which is co-located at the Gedabek site. In
The Company produced 83,736 gold equivalent ounces ('GEOs') for the year ended
The Company has forecast metal production for FY 2019 of between 82,000 to 86,000 gold equivalent ounces ("GEOs"). Of the forecast production for FY 2019, between 28,000 to 30,000 GEOs is in the form of copper and gold flotation concentrate.
Anglo Asian is also actively seeking to exploit its first mover advantage in
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