Anglo Asian Mining PLC, the AIM listed gold, copper, and silver producer focused in Azerbaijan, has announced that it has signed a protocol with the Government of Azerbaijan on an action plan to implement certain enhancements to its operations and procedures.
These measures were identified in the recent environmental audit carried out by Micon International Ltd at the behest of the Government. It has been agreed with the Government that the majority of the items in the Action Plan will be implemented by the end of next year. None of the measures will involve the company in significant expenditure.
As a result of signing the protocol and agreeing the Action Plan, the company is now free to restart all its operations. The restart will be carried out in stages, and mining will recommence immediately. The company’s heap leach operations continued to operate throughout the recent partial shutdown, but without addition of ore. The restart of mining will enable fresh ore to be placed on the heaps so that production of gold doré, and copper concentrate from SART, will return to its former levels.
The company’s flotation plant will restart approximately 90 days before the wall of the existing tailings dam has been further raised. This is to utilise the remaining capacity of the existing tailings dam at its current height. Flotation will initially process ore mined from the Gedabek open pit, until higher grade ore becomes available from the new Gilar mine, which is expected to begin operation in H1 2024. The company is now accelerating the development of Gilar. Agitation leaching will restart once the raise of the tailings dam wall is completed and high-grade ore is available from the Gilar mine. The company is actively collaborating with the Government to implement any additional measures required in response to the Micon environmental report, to ensure the successful execution of the wall raise. The company will update the market once a timetable for the wall raise has been settled.
The company maintains its Full Year 2023 production guidance of 30 000 to 34 000 gold equivalent oz, as announced in its 2023 Interim Results.
