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Anglo Asian Mining PLC (LSE:AAZ) is a prominent gold, copper, and silver producer with a robust portfolio of production and exploration assets in Azerbaijan. The company aims to transform into a multi-asset, mid-tier copper and gold producer by 2028. To achieve this, it plans to bring four new mines into production between 2024 and 2028 at Zafar, Gilar, Xarxar, and Garadag.
Recent Developments
The company recently published an independent maiden JORC mineral resource estimate (MRE) for its Garadag copper deposit. Conducted by Mining Plus UK, this estimate reveals a total resource of approximately 900,000 tonnes of copper metal within 285 million tonnes of mineralization, averaging 0.32% copper grade. Notably, the Indicated JORC category includes 86.9 million tonnes and 304,300 tonnes of copper.
Anglo Asian has conducted extensive drilling, completing 113 third-party holes totaling 25,620 meters, to support this resource estimation. The company is actively working to upgrade its resources and explore further mineralization potential at depth and along strike.
Production Outlook
For the current year, Anglo Asian projects production between 15,000 and 19,500 gold equivalent ounces (GEOs), comprising 250 to 850 tonnes of copper and 14,000 to 16,000 ounces of gold. This production forecast comes after the company received authorization to raise the tailings dam wall and resume full operations at its Gedabek mine, following nearly a year of disruptions.
Commitment to Safety and Sustainability
Anglo Asian's commitment to the Global Industry Standard on Tailings Management is a significant step, especially in light of past mining disasters, such as the Vale mine collapse in Brazil that resulted in numerous fatalities. Analysts from SP Angel have highlighted that Anglo Asian’s existing tailings dam at Gedabek has passed rigorous checks and audits from three leading international consultancies, ensuring compliance with health and safety standards.
With its strategic growth plans and ongoing commitment to safety, Anglo Asian Mining PLC is well-positioned to expand its operations in Azerbaijan and enhance its resource portfolio, making it an intriguing player in the mining sector.
