New discoveries in Azerbaijan may boost production: Anglo Asian Mining

Anglo Asian Mining PLC chief executive, Reza Vaziri has said five new exploration discoveries at the company’s projects in Azerbaijan have the potential to “significantly increase the production and life of mine” of the company. Report informs citing the Proactive Investors.

In a strategy update, the AIM-listed firm said it was now focused on fast-tracking these five discoveries into production. Gold and copper mineralization existed on or near the surface for each discovery giving “good potential for mine development,” with production anticipated from 2022 onwards.

Meanwhile, Anglo said near-mine exploration to prolong the lives of its Gedabek and Gosha was continuing, with a JORC code update of the resources and reserves for all three producing mines at Gedabek is underway with completion expected in the third quarter of 2020.

The firm added that it is considering “any suitable opportunities, both inside and outside Azerbaijan,” that it believes will enhance shareholder value.

“I am delighted to present this strategic update detailing our exploration and growth strategy, which clearly demonstrates the considerable potential for extending the life of mine and increasing production from our existing assets,” Vaziri said in the update.

“We have developed extensive work programs for each of these [five discovery] projects, and this work will be a key focus for the company in the near to medium term”.

“This current plan demonstrates our confidence in the abundant resource base of the Company, which we believe will continue to generate significant shareholder value”, he added.

The company’s shares were 0.9% higher at 143.3p in early trading on Thursday.

The company also said a JORC code update of the resources and reserves for three producing mines at its Gedabek project is underway and expected to complete in the third quarter of 2020