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AAZ Anglo Asian Mining share chat

Discussion in 'General Share Chat (AAZ)' started by Groucho, Sep 16, 2018.

  1. Groucho

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    A69A776A-8128-4EDE-89FD-D82A164DEAA7.jpeg
    Mail on Sunday 16/9/18
     
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    Shares Magazine Investor Evening - London 5/9/18
     
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    18 September 2018

    Anglo Asian Mining plc

    Gedabek Main Open Pit - JORC Mineral Resources and Reserves


    Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer, is pleased to announce updated Mineral Resources and Mineral Reserves, estimated in accordance with the JORC (2012) code, for the Gedabek open pit located at the Company's Gedabek licence area ("Gedabek") inWestern Azerbaijan. The resource estimate is based on a robust geological model, which benefits from information gathered during the mining of the deposit, recent geological work and exploration drilling.


    Gedabek JORC (2012) Mineral Resource and Reserves


    · Total gold and copper Mineral Resource (at a cut-off grade of 0.3 grammes per tonne of gold) containing 985,697 ounces of gold, 63,375 tonnes of copper and 8,171,626 ounces of silver

    · Gold and copper Measured plus Indicated Mineral Resource containing 796,269 ounces of gold, 53,676 tonnes of copper and 6,810,813 ounces of silver

    · Gold and copper Proved plus Probable Reserves containing 343,160 ounces of gold, 36,011 tonnes of copper and 3,457,030 ounces of silver

    · Additional copper-only Mineral Resource (gold grade below 0.3 grammes per tonne and copper grade above 0.3 per cent.) containing 24,914 ounces of gold, 32,606 tonnes of copper and 426,453 ounces of silver


    Development update


    · A significant amount of targeted drilling was carried out in 2017 and 2018 to date to infill areas where mineralisation continuity was less certain, to provide the required data for resource estimation.

    · The geological interpretation of the type of mineralisation style has changed from the previously released JORC resources and reserves. This has resulted in a much tighter control of resource estimation parameters in relation to the geology and structure of the deposit.

    · The latest geological model has identified areas where copper mineralisation remains open. Such areas will be subject to further exploration drilling with the objective of increasing resources and reserves.

    · Pushback of the backwall to the Gedabek open pit is ongoing. This is exposing ore in the floor of the open pit.


    Anglo Asian CEO, Reza Vaziri, said"I am delighted to announce that, after more than nine years of mining at Gedabek, during which time Anglo Asian has produced over half a million ounces of gold, this latest JORC estimate tells us that the Gedabek ore body still contains a surface accessible resource of almost one million ounces of gold and over ninety thousand tons of copper. The economically mineable ore reserves remaining in the open pit mine amount to over 343,000 ounces of gold and more than 36,000 tonnes of copper, which will extend the life of the main pit for a further five to six years. This will give us sufficient time to complete our on-going underground explorations to determine the size and quality of the down dip extensions of the Gedabek ore body. In due course, we will have a JORC estimate of the underground resource and reserves to announce, together with a lifetime estimate for the current underground mining operations."

    Anglo Asian Group Director of Geology & Mining, Stephen Westhead, said"This resource update forms part of the geological strategy to formalise all the resources and reserves of the Company and classify them according to the JORC Code of reporting. This will allow us to optimise the blend of ore feed from our various mines to the processing plants at Gedabek. A total gold resource of over one million ounces is significant. In addition, this resource and reserve study identifies areas of mineralisation extension for further exploration. Importantly, the reserves provide sufficient mine life for a study of the open pit to be undertaken to enable a smooth transition of the Gedabek deposit to underground methods, should underground mining be proved economic."


    JORC (2012) Mineral Resources and Ore Reserves Statements

    The mineral resource and reserves are prepared in accordance with JORC Code (2012), which is the current edition of the JORC Code. After a transition period, the 2012 edition came into mandatory operation from 1 December 2013. The resources and reserves stated below are in-situ.


    The Proved and Probable Ore Reserves estimate is based on that portion of the Measured and Indicated Mineral Resource of the deposit within the scheduled mine designs that may be economically extracted, considering all "Modifying Factors" in accordance with the JORC (2012) Code.


    Mineral Resource and Reserve Estimation

    Anglo Asian, together with the mining and geological consulting group Datamine International, prepared the resource and reserves estimation of the Gedabek deposit. This wasfollowing the completion of the recentreverse circulation ("RC") drill holes and core drill holes that supplemented surface outcrop and channel sampling. The total number of exploration drillholes drilled by the Company, since the commencement of exploration in 2007, is 738 with a total of 104,967 metres drilled. The detailed Mineral Resources and Ore Reserve estimation parameters per Table 1 of the JORC code are set out in Appendix one. A glossary of terminology related to the mineral resource and reserves estimate and other information is set out in Appendix two.
     
  5. Groucho

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    19 September 2018

    Anglo Asian Mining plc

    Interim Results for the six-month period to 30 June 2018

    Maiden dividend of UScents 3.00per share


    Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer inAzerbaijan, is pleased to announce its interim results for the six-month period ended 30 June 2018 ("H1 2018"). Note that all references to "$" and "cents" are toUnited Statesdollars and cents.


    Together with these interim results for the six months ended 30 June 2018, the Company also announces its maiden dividend. This is an interim dividend in respect of the year ending 31 December 2018 of UScents 3.00per share payable on 8 November 2018 to shareholders of record on 12 October 2018.


    An updated corporate presentation on the Company's H1 2018 financial results will be available later today on the Anglo Asian web-site:http://www.angloasianmining.com.


    Dividend


    · Maiden dividend declared of UScents 3.00per share following move into a net cash position subsequent to 30 June 2018


    Production Overview


    · Continued improvement in H1 2018 total production expressed as gold equivalent ounces ("GEOs") with a 22 per cent. year-on-year ("y-o-y") increase to 37,349 GEOs (H1 2017: 30,561 GEOs) due to mining from the new Ugur open-pit mine and the successful implementation of operational initiatives at the existing Gedabek open-pit and Gadir underground mines:

    o Gold production totalled 33,255 ounces - 31,282 ounces contained within gold doré, 12 ounces from SART processing and 1,961 ounces from flotation (H1 2017: total 23,218 ounces)

    o Copper production of 587 tonnes - 251 tonnes from SART processing and 336 tonnes from flotation (H1 2017: total 1,322 tonnes)

    o Silver production totalled 84,785 ounces - 13,124 ounces contained within gold doré, 43,687 ounces from SART processing and 27,974 ounces from flotation (H1 2017: total 85,087 ounces)


    · Target production for the 12 months to 31 December 2018 remains at between 78,000 and 84,000 GEOs compared to FY 2017 actual total production of 71,461 GEOs


    Sales Overview


    · Increased sales of gold bullion offset by reduced sales of copper concentrate:

    oGold bullion sales of 25,778 ounces at an average of$1,319per ounce (H1 2017:

    15,689 ounces at an average of$1,238per ounce)

    o Copper concentrate shipments to the customer totalled 2,344 dry metric tonnes ("dmt") with a sales value of$5.9 million(excluding Government ofAzerbaijanproduction share) (H1 2017: 5,396 dmt with a sales value of$10.3 million)


    Financial Overview


    · The Company is currently in a net cash position

    · Revenue increased to $40.0million (H1 2017:$29.8 million) due to higher production and increases in average metal selling prices

    · All in sustaining cost ("AISC") of production per ounce of gold (including the Government ofAzerbaijan'sshare) of$543per ounce, a decrease of 4 per cent. compared to H1 2017 of$564per ounce

    · Profit before taxation of$8.1 million(H1 2017: loss of$1.3 million) due to higher revenues, a lower AISC and reduced interest expense

    · Cash generated from operations of $24.6million (H1 2017:$10.8 million)

    · Capital expenditure of$8.2 million(H1 2017:$3.4 million) mainly on deferred stripping ($4.9 million), the new crusher plant ($2.0 million) and underground mining equipment ($0.8 million)

    · Free cash flow of$16.4 million(H1 2017:$7.4 million)

    · Net debt decreased to $2.9million at 30 June 2018 (31 December 2017:$18.1 million)

    · Cash of $12.5million at 30 June 2018 (31 December 2017:$2.5 million)


    Operational Overview


    · Updated JORC (2012) mineral resource for the Gedabek open pit published with over one million ounces of gold to provide further mine life of around five to six years

    · 3 year geological exploration programme identified further mineralisation at Gedabek with an airborne geophysical survey to be carried out over the entire Gedabek contract area

    · Ugur open-pit mine operated throughout H1 2018 producing 461,382 tonnes of ore grading 1.3 grammes per tonne of ore

    · Second crusher now in operation allowing independent operation of agitation leaching and flotation plants

    · Various initiatives underway at Gedabek to improve efficiency and working practices including recruitment of specialist managers and improvements to roads


    CHAIRMAN'S STATEMENT


    Review of 2018 to date

    Due to an outstanding financial performance as the Company continues to successfully deliver its operational objectives, I am delighted to report the declaration of a maiden dividend to our shareholders of UScents 3.00per share. This is both to reward our shareholders and to demonstrate the Board's confidence in the future.


    The Company's operational performance has also been excellent with production growing due to mining from Ugur, our new open-pit mine, and the optimisation initiatives undertaken in 2017. Our three-year geological exploration programme, which commenced this year, is already giving insights into the further potential of the Company's contract areas and the significant upside offered by our targets. An updated JORC resource of over one million ounces of gold for the Gedabek open pit confirms a further mine life of five to six years. With this in mind, we continue to develop and enlarge our production facilities and the second crusher line, which is now in operation, has increased the Company's production capacity.


    A total of 37,349 gold equivalent ounces ("GEOs") was produced during the period, a 22 per cent. year-on-year increase compared to 30,561 GEOs in 2017. Gold production in H1 2018 was 33,255 ounces compared to 23,218 ounces in H1 2017. However, this increase was offset by lower production of copper and silver. Copper production in H1 2018 was 587 tonnes compared to 1,322 tonnes in H1 2017 and silver production in H1 2018 of 84,785 ounces was marginally lower compared to 85,087 ounces in H1 2017. The higher gold production arose from increased gold doré production due to processing higher grade Ugur ores through the agitation leaching plant. However, Ugur ore does not contain copper, which reduced the amount of tailings feedstock to the flotation plant, resulting in lower copper and silver production.


    Revenues in H1 2018 at$40.0 millionwere$10.2 millionhigher than in H1 2017. The higher revenues were due to both higher production and higher average metal selling prices. The average gold price in H1 2018 was$1,318per ounce compared to$1,238per ounce in H1 2017 and the average copper price in H1 2018 was$6,924per metric tonne compared to$5,755per metric tonne in H1 2017. Although there has been a decrease in the price of both gold and copper since the end of June 2018, the Company's low cost of production in the lower quartile of comparable companies ideally positions us to trade satisfactorily through periods of lower metal prices.


    The Company continued to be subject to an effective royalty on its revenues in H1 2018 of 12.75 per cent. of the value of its production, and the basis of this royalty is explained in the financial review below. The Company will continue to be subject to this effective royalty of 12.75 per cent. until all its unrecovered costs for Gedabek are utilised. Unrecovered costs for Gedabek at 30 June 2018 totaled$83 million(30 December 2017:$95 million) and our current business plans indicated that these costs will not be fully recovered at the earliest until 2023, limiting the effective royalty to 12.75 per cent. during this period.


    The Company's all in sustaining cost ("AISC") per ounce of gold produced reduced marginally to$543per ounce in H1 2018 compared to$564per ounce in H1 2017. The increased gold production in H1 2018 benefitted the AISC but this was offset by higher sustaining capital costs and lower by-product credits.


    Cash from operating activities in H1 2018 increased to$24.6 millionfrom$10.8 millionin H1 2017 and net debt was reduced from$18.1 millionat the end of 2017 to$2.9 millionat 30 June 2018. The Company also refinanced$13.5 millionof its debt in early 2018 with a two-year syndicated loan from banks primarily inAzerbaijan. This was a sign of the confidence that banks inAzerbaijanhave in our business and the new loan substantially reduced our borrowing costs. It also increased cash availability by$8.4 millionin 2018 by extending the repayment of debt principal into 2019. The new loan has no financial covenants and is unsecured. We were pleased to repay in full the loan from our Chief Executive, Reza Vaziri in March 2018 and I would like to thank him for his confidence and commitment to the Company which has proved to be amply justified. The Company also repaid certain other borrowings in early July 2018.


    The Company continues to develop its processing facilities and a second crusher line commenced operation in July 2018. The new crusher, together with the already upgraded grinding circuit, removes a large processing bottleneck and enables the agitation leaching and flotation plants to operate independently at their individual design capacities. The second crusher also increases the flexibility of our processing plants.


    Various operational initiatives were commenced at Gedabek during the period. They are more fully described in the strategic report below but include improvements in ore handling and improving transport logistics by building a new road between the main open-pit mine and processing plants. Additionally, the operational team at Gedabek has also been strengthened by the recruitment of highly experienced managers in several keys areas to improve working practices. More minor improvements are continuously being undertaken. These initiatives are all contributing to a more professional and efficient working environment at Gedabek which will both lower cost and result in safer working.


    The Company continues to formalise all its resources and ore reserves and classify them according to the JORC Code of reporting. The recently published updated JORC resource for the Gedabek open pit of circa one million ounces of gold further extends the life of the open pit by a further five to six years. The Company anticipates that it will publish a JORC resource for the Gadir underground mine by the end of 2018.


    The Company's three-year geological exploration programme has made an excellent start confirming additional mineralisation at Gedabek. The presence of further mineable copper and gold ores in the Gedabek open pit was established which will provide additional ore for the flotation plant. Significant gold grades of up to three ounces per tonne were intersected in drilling and confirmed by tunneling in the Gadir ore body and the presence of mineralisation beneath the open pit was established. The Group will shortly carry out an airborne geophysical survey of the entire Gedabek contract area using the Z-Axis Tipper Electromagnetic system ("ZTEM"). This will be the first such survey carried out inAzerbaijanand I was very pleased a Ministry of the Government ofAzerbaijanhave agreed to assist us by providing helicopter services.


    The Company's health and safety ("HSE") record continues to improve with a reduction in the Lost Time Injury ("LTI") rate in the six months to 30 June 2018 to 1.13 compared to 1.21 in the comparable period in 2017. The basis of the calculation of the LTI rate is set out in the Strategic Report below. We continue to undertake actions to improve HSE performance and full risk assessments of the three main processing plants were carried out during the period. Emergency safety equipment including breathing apparatus is now in place at Gedabek.


    Dividend

    Following the circular to shareholders proposing a resolution to reduce the Company's share premium account to $nil, and the general meeting held on 30 July 2018 which approved the resolution, the Court granted an order on 28 August 2018 to cancel the Company's share premium account at that date of$32.6 millionto $nil. This currently gives the Company the capacity to pay dividends to its shareholders of up to a total of$13.5 million. Profits generated by the Group can be transferred to the Company by intercompany dividends which will further increase this capacity.


    The board will target a distribution to shareholders each year comprising approximately 25 per cent. of the Group's free cash flow. This distribution will be made in two approximately equal installments comprising an interim and final dividend. The amounts and timing of payment of the interim and final dividends will be announced each year along with the Group's interim and final results respectively. The board will review this policy each year taking into account the financing needs of the business at that time. Free cash flow is defined as net cash flow from operating activities less capital expenditure.


    I am therefore delighted to announce the maiden dividend of the Company of UScents 3.00per share. This is an interim dividend in respect of the year ending 31 December 2018 and will be payable on 8 November 2018 to shareholders on the record date of 12 October 2018. The dividend will be payable in pounds sterling as set out below.


    Outlook

    It is with continued optimism that I look forward to the rest of 2018 and beyond and the declaration of our maiden dividend demonstrates the Board's confidence in the future. During the latter part of 2017 and in 2018 to date, we have opened Ugur, a new open-pit mine, significantly increased production and revenues, reduced our AISC and debt and added to the Company's resources. We have installed a second crusher and carried out other initiatives to maintain and increase production from our existing mines. We have started a three-year exploration programme to further explore and develop the potential of Gedabek and Ordubad and published an updated JORC resource for the Gedabek open pit extending the mine life for a further around five to six years. This progress has enabled us to target significantly higher production for 2018 compared to production in the previous two years and we are on track to achieve this target.


    The Group has a production target for 2018 of between 78,000 ounces and 84,000 GEOs, an increase of over 13 per cent. compared to total production of 71,461 GEOs in 2017. This includes between 64,000 ounces and 70,000 ounces of gold and between 2,100 tonnes and 2,300 tonnes of copper. I look forward to updating our shareholders on our progress over the remainder of 2018.


    Appreciation

    I would like to take this opportunity to thank our Anglo Asian employees, our partners, the Government ofAzerbaijan, advisers and fellow directors for their continued support as we continue to build the Company into a leading and sustainable gold, copper and silver producer inAzerbaijanand Caucasia. I would also like to especially thank our shareholders for their invaluable support as we look forward to a successful completion of 2018 and beyond.
     
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    Published on 19 Sep 2018
    Anglo Asian Mining Plc's (LON:AAZ) CFO Bill Morgan and Director of Geology & Mining Steve Westhead caught up with Proactive's Andrew Scott to discuss the group's interim results, maiden dividend and recent resource estimate for the Gedabek Main Open Pit. Anglo Asian's declared an interim dividend of US$0.03 per share as it swung to a pre-tax profit of US$8.1mln from a US$1.3mln loss the year before as revenues climbed to US$40mln from US$29.8mln.
     
  8. Groucho

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    11 October 2018


    Anglo Asian Mining plc

    Q3 2018 Production and Operations review


    28 per cent. year-on-year increase in total production for YTD Q3 2018 to 61,761 GEOs and net cash of$2.8 million


    Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused inAzerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area ("Gedabek") in westernAzerbaijanfor the three and nine months to 30 September 2018 ("Q3 2018" and "YTD Q3 2018" respectively).


    Note that all references to "$" are toUnited Statesdollars.


    Overview

    · Continued improvement in total production in Q3 2018 expressed as gold equivalent ounces ("GEOs") with a 28 per cent. quarter-on-quarter and a 38 per cent. year-on-year ("y-o-y") increase to 24,412 GEOs

    · 28 per cent. y-o-y increase in YTD Q3 2018 total production to 61,761 GEOs

    · Net cash of$2.8 millionat end of September 2018 with only debt being the Pasha Bank low cost refinancing loan

    · As announced on 19 September 2018, an interim dividend ofUS$0.03per share will be paid gross in respect of the year ending 31 December 2018 to shareholders on 8 November 2018


    Anglo Asian CEO Reza Vaziri commented:"This has been another excellent quarter for Anglo Asian as copper production restarted from the flotation plant following the commissioning of the second crusher line. Quarter three production showed strong year-on-year growth of 38 per cent. to 24,412 gold equivalent ounces. Given the strong production in the year so far, I am expecting production for the full year to be at the upper end of our guidance.


    "The Company's increasing production continues to strengthen our balance sheet and I am again pleased to say that the Company moved into having net cash of$2.8 millionat the end of September. This is an exciting time for Anglo Asian as we prepare to pay our maiden dividend in November 2018."




    Production Overview


    Q3 2018

    · 38 per cent. y-o-y increase in total production to 24,412 GEOs (Q3 2017: 17,714 ounces)

    · 47 per cent. y-o-y increase in gold production to 21,318 ounces (Q3 2017: 14,468 ounces):

    o18,874 ounces contained within gold doré

    o7 ounces from SART processing

    o2,437 ounces from flotation

    · Copper production totalled 470 tonnes (Q3 2017: 550 tonnes):

    o81 tonnes from SART processing

    o389 tonnes from flotation processing

    · Silver production totalled 59,346 ounces (Q3 2017: 40,288 ounces):

    o7,416 ounces contained within gold doré

    o17,357 ounces from SART processing

    o34,573 ounces from flotation


    YTD Q3 2018


    · 28 per cent. y-o-y increase in total production to 61,761 GEOs (YTD Q3 2017: 48,275 GEOs)

    · 45 per cent. y-o-y increase in gold production to 54,573 ounces (YTD Q3 2017: 37,686 ounces)

    · Copper production totalled 1,057 tonnes (YTD Q3 2017: 1,872 tonnes)

    · Silver production totalled 144,362 ounces (YTD Q3 2017: 125,375 ounces)

    · Forecast production for FY 2018 now at upper end of previous guidance of between 78,000 to 84,000 GEOs


    Sales


    · Q3 2018 gold bullion sales of 18,637 ounces at an average of$1,216per ounce (Q2 2018 gold bullion sales of 10,822 ounces at an average of$1,307per ounce)

    · Q3 2018 copper concentrate shipments to the customer totalled 1,557 dry metric tonnes ("dmt") with a sales value of$3.4 million(excluding Government ofAzerbaijanprofit share) (Q2 2018: 1,736 dmt with a sales value of$4.2 million)


    Company financials


    · Net cash, being cash and cash equivalents less interest-bearing loans and borrowings,totalled$2.8 millionat 30 September 2017 (Net debt of$2.9million at 30 June 2018)


    Gedabek - mining, production and sales


    The Company mined the following ore in the nine months to 30 September 2018:

    9FD5140C-D0C2-496F-B722-689D7E14C1E5.jpeg

    As previously reported, low grade ore (less than 1.5 grammes per tonne of gold) is being treated by heap leaching, whilst higher grade ore (more than 1.5 grammes per tonne of gold) is being processed through the agitation leaching plant.


    Anglo Asian stacked 195,957 tonnes of dry crushed ore onto heap leach pads with an average gold content of 0.91 grammes per tonne (Q2 2018: 150,573 tonnes with an average gold content of 0.91 grammes per tonne) during Q3 2018. The Company also heap leached uncrushed Run of Mine ("ROM") ore. During Q3 2018, Anglo Asian stacked 136,595 tonnes of ROM ore onto heap leach pads with an average gold content of 0.40 grammes per tonne (Q2 2018: 77,493 tonnes with an average gold content of 0.51 grammes per tonne).


    The Company processed during Q3 2018, 196,700 dry tonnes of ore with an average gold content of 2.39 grammes per tonne through the agitation leaching plant (Q2 2018: 196,107 dry tonnes with an average gold content of 2.19 grammes per tonne). 126,009 dry tonnes of ore containing an average copper content of 0.47 per cent. was processed by the flotation plant in Q3 2018.


    During Q3 2018, the Company produced gold doré containing 18,874 ounces of gold and 7,416 ounces of silver at Gedabek (Q2 2018: 15,532 ounces of gold and 6,014 ounces of silver). During Q3 2018, the agitation leaching plant produced 13,881 and 5,404 ounces of gold and silver, respectively, and the heap leach operations produced 4,993 and 2,012 ounces of gold and silver, respectively.


    SART processing in Q3 2018 produced 162 dmt of copper concentrate containing 81 tonnes of copper and 7 ounces of gold (Q2 2018: 260 dmt of copper concentrate containing 137 tonnes of copper and 6 ounces of gold). YTD Q3 2018 SART copper production was 332 tonnes compared to YTD Q3 2017 production of 562 tonnes. Production of copper was lower YTD 2018 due to processing mainly Ugur ores in the agitation leaching plant which do not contain copper.


    Flotation processing in Q3 2018 produced 2,501 dmt of copper concentrate containing 389 tonnes of copper and 2,437 ounces of gold (Q2 2018: 1,396 dmt of copper concentrate containing 195 tonnes of copper and 1,226 ounces of gold).


    The following table summarises gold doré production and sales at Gedabek for FY 2017 and Q1 to Q3 2018:
    1CB9237E-12B6-4D75-83F4-3CEBFC575A82.jpeg

    The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2017 and Q1 to Q3 2018:
    4A86B064-424E-41E1-855B-E252EB99CD8B.jpeg

    The following table summarises total copper concentrate production and sales at Gedabek for FY 2017 and Q1 through Q3 2018. Note that sales of concentrates are initially recorded at provisional amounts until agreement of final assay:

    5192E612-9243-41F3-A1F6-CC1D04F8606C.jpeg


    Net cash

    The Company had net cash at 30 September 2018 of $2.8 million, an increase in cash of $5.7 million from net debt of $2.9 million at 30 June 2018 as follows:

    $m
    Cash at bank and on hand 14.4
    Pasha Bank refinancing loan (11.6)

    Net cash 2.8


    The Company made a payment of $3.0 million at the end of September in respect of corporation tax in Azerbaijan. The Company has now utilised all brought forward tax losses in Azerbaijan and going forward will be a corporation tax payer.
     
    Last edited: Oct 11, 2018
  9. Groucho

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    23 October 2018

    Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining


    23 October 2018


    Anglo Asian Mining plc

    Payment of interim dividend - sterling amount


    On 19 September 2018, the directors of Anglo Asian Mining plc announced an interim dividend in respect of the year ending 31 December 2018 of US$0.03 per ordinary share. This interim dividend is to be paid on 8 November 2018 to shareholders on the share register on 12 October 2018. The dividend is payable in cash in sterling to holders of ordinary shares. A scrip dividend or any other dividend reinvestment plan will not be offered by Anglo Asian Mining plc.


    The dividend will be converted to pounds sterling using the average of the sterling closing mid-price using the exchange rate published by the Bank of England at 4pm each day from the 15 to 19 October 2018, being £1 = US$1.3121. Accordingly, the amount of sterling dividend payable in cash on 8 November 2018 will be:

    2.2864 pence per ordinary share.
     
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    21 November 2018


    Anglo Asian Mining plc

    Airborne Geophysical Survey of Entire Gedabek Contract Area


    Anglo Asian Mining plc (the "Company"), the AIM listed gold, copper and silver producer inAzerbaijan, which has recently paid its first dividend, is pleased to announce an update about the airborne geophysical survey (the "Survey") underway at the Company's 300 square kilometre Gedabek contract area inAzerbaijan("Gedabek"). The aim of the Survey is to define new drill targets and identify new mineable deposits which may provide additional producing mines at Gedabek. The Survey, which is now approximately 77 per cent. complete, is being conducted by Geotech Limited ("Geotech"), one of the leading global airborne geophysical surveying companies.


    Anglo Asian's Group Director of Geology and Mining, Stephen Westhead commented,"Whilst production has increased steadily from our established producing assets at Gedabek, it is important that we continue to extend our exploration to unlock the significant potential of the entire Gebabek area. The Survey is intended to identify new drill targets to add additional resources and reserves to the current mine schedule and to identify potential new standalone mines, similar to our Ugur mine, which we brought into production within 12 months of first discovery.


    "We are aware of multiple additional gold and copper mineral occurrences at Gedabek and preliminary results from the area surveyed to date show both magnetic and electro-magnetic anomalies relating to geological entities at depth. These will be the focus of future ground-based follow-up work.


    "The Ministry of Emergencies of theRepublic of Azerbaijanare providing helicopter services and are working very well together with Geotech. This comprehensive survey of the entire Gedabek area is the first of its type to be carried out inAzerbaijan. It is a significant milestone in developing Gedabek's potential and I look forward to reporting the findings of the Survey in the first quarter of 2019."


    Airborne geophysical survey of Gedabek

    A heli-borne electromagnetic and magnetic survey is underway to cover the entire Gedabek area. The Survey utilises the Z-Axis Tipper Electromagnetic system ("ZTEM") and a high sensitivity magnetometer. The ZTEM system is an innovative, airborne electromagnetic surveying system using the natural magnetic field of the Earth. The system is an excellent mapper of surface geology and is deeply penetrating and well suited to rugged topography. This method is especially suitable for porphyry copper-gold and epithermal copper-gold-silver exploration. The commencement of the Survey was initially delayed by four weeks due to logistical issues and the on-site flight schedule has been intermittently interrupted by 13 days due to bad weather. However, a total of 2,590 linear kilometres have now been flown of the total planned 3,385 linear kilometres.


    The Survey will provide data with regards to geophysical anomalies arising from mineral trends and occurrences and geological structure. These will be analysed and prospective targets identified. The geophysical "signatures" of known deposits including the Gedabek open pit, Gadirunderground mineand Ugur open pit will assist in identifying targets. Potential targets will be followed up with ground-based geophysical investigative techniques including geological mapping, geochemical surveys and drilling. It is anticipated data from the Survey will be interpreted and targets defined during Q1 2019.


    Gedabek

    Anglo Asian Mining currently mines gold and copper from two open pit mines and one underground mine within the 300 square kilometre Gedabek contract area. Gedabek hosts many targets of different styles of mineralisation which are being assessed in order to prioritise future exploration programmes. The dominant style is epithermal high sulphidation and low sulphidation mineralisation but previous drilling has also indicated porphyry style mineralisation. Evaluation of these opportunities will help determine the long-term sustainability of Gedabek.
     
  13. Groucho

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    Anglo Asian Mining* (AAZ LN) 88p, Mkt Cap £101m – Stephen Westhead acquire 60,000 shares in the market

    S P Angel 27/11/18 BUY – TP under review (before 84p)
    • The announcement this morning disclosed purchases of shares by Stephen Westhead, director of geology, completed over 22 and 23 November.
    • Stephen Westhead bought 60,000 shares at 86.3p taking total beneficial interest to 235,000 shares.
    Conclusion: Acquisition of shares in the market by Stephen Westhead is a welcome news and reflects management confidence in Company’s prospects. The Company is close to finalising the first airborne geophysical survey over the highly prospective Gedabek license area helping to identify future drilling targets with results due in Q1/19. The team highlighted that preliminary results point to a number of magnetic and electro-magnetic anomalies on the property which would be followed up on with on the ground works. The Company is targeting higher end of the 78-84koz GE guided range in 2018 and is expected to register stronger output in 2019.

    The Company has performed well as strong FCF generation helped to deleverage the business, allowed it to establish a dividend policy as well as provided capital for accelerating exploration works across Gedabek and Ordubad properties. We feel a lot of upside potential in the Company remains reflecting expected busy news flow on the exploration front focused on both extending known mineralisation at producing deposits as well as an opportunity for a greenfield discovery.
    We will update our target price in due course.
     
  14. Groucho

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    Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

    15 January 2019


    Anglo Asian Mining plc

    Q4 and FY 2018 Production and Operations review


    Full year production at upper range of guidance and net cash of$6.1 millionat 31 December 2018


    Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused inAzerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area ("Gedabek") in westernAzerbaijanfor the three months to 31 December 2018 ("Q4 2018") and the year ended 31 December 2018 ("FY 2018").


    Note that all references to "$" are to United Statesdollars.


    Overview

    · 83,736 gold equivalent ounces ("GEOs") produced during FY 2018 - at the upper range of the Company's forecast of 78,000 to 84,000 GEOs

    · 17 per cent. year on year ("y-o-y") increase in total production for FY 2018 compared to the previous year (FY 2017: 71,461 GEOs)

    · Maiden dividend of$0.03per share paid in November 2018 - total distribution paid to shareholders of$3.4 million

    · Net cash increased in Q4 2018 by$3.3 millionto$6.1 millionat 31 December 2018

    · Helicopter site survey of entire 300 square kilometre Gedabek contract area complete and data now being analysed to define new drill targets and identify new mineable deposits - results expected in Q1 2019

    · JORC resource of the existing Gadir underground mine being compiled with publication expected in Q1 2019


    Anglo Asian CEO Reza Vaziri commented:"This has been another excellent quarter which has resulted in Anglo Asian achieving full year production at the upper limit of its guidance of 84,000 GEOs. In addition to increasing production from the previous year, Anglo Asian has also significantly strengthened its balance sheet and paid a maiden dividend, all of which has bolstered Anglo Asian's value and investment profile.


    "The Company is actively working towards, and investing in, the future expansion of our various operations and in line with this, Anglo Asian continues to both better define its current resources through publication of JORC resources for its existing mines and to maximise the potential of its current licence areas. In this respect, in Q1 2019 we expect to both release a JORC resource for the existing Gadir underground mine and also publish the results of the helicopter survey. We are aware of multiple additional gold and copper mineral occurrences at Gedabek, which may become future mineable deposits like our latest discovery, Ugur. We are hopeful that the helicopter survey, which is the first of its kind covering the entire 300 square kilometre Gedabek contract area, is a first step in unlocking this potential.


    "Anglo Asian is continuing to lay the foundations for long term sustainable production whilst delivering value and cash returns to its shareholders. I look forward to providing further updates on forecast 2019 production and expansion and exploration results in the coming weeks."


    Production Overview


    Q4 2018

    · Total production of 21,945 GEOs (Q4 2017: 23,185 GEOs) - prior year benefitted from higher grade ores due to the commencement of mining from the Ugur open pit mine, partially offset by higher copper production in Q4 2018

    · Gold production of 18,209 ounces (Q4 2017: 21,931 ounces):

    o15,444 ounces contained within gold doré

    o13 ounces from SART processing

    o2,752 ounces from flotation

    · 394 per cent. y-o-y increase in copper production to 588 tonnes (Q4 2017: 119 tonnes) as flotation plant operated throughout Q4 2018:

    o67 tonnes from SART processing

    o521 tonnes from flotation processing

    · 39 per cent. y-o-y increase in silver production to 65,822 ounces (Q4 2017: 47,478 ounces):

    o5,646 ounces contained within gold doré

    o14,229 ounces from SART processing

    o45,947 ounces from flotation


    FY 2018

    · 17 per cent. y-o-y increase in total production to 83,736 GEOs (FY 2017: 71,461 GEOs)

    · 22 per cent. y-o-y increase in gold production to 72,798 ounces (FY 2017: 59,617 ounces)

    · Copper production totalled 1,645 tonnes (FY 2017: 1,991 tonnes)

    · Silver production totalled 210,184 ounces (FY 2017: 172,853 ounces)



    Sales overview


    Q4 2018

    · Q4 2018 gold bullion sales of 15,066 ounces at an average of$1,231per ounce (Q3 2018 gold bullion sales of 18,637 ounces at an average of$1,216per ounce)

    Q4 2018 copper concentrate shipments to the customer totalled 3,774 dry metric tonnes ("dmt") with a sales value of$6.1 million(excluding Government ofAzerbaijanprofit share) (Q3 2018: 1,557 dmt with a sales value of$3.4 million)


    FY 2018

    · FY 2018 gold bullion sales of 59,481 ounces at an average of$1,265per ounce (FY 2017 gold bullion sales of 43,496 ounces at an average of$1,265per ounce)

    · FY 2018 copper concentrate shipments to the customer totalled 7,675 dry metric tonnes ("dmt") with a sales value of$15.4 million(excluding Government ofAzerbaijanprofit share) (FY 2017: 8,499 dmt with a sales value of$16.7 million)


    Company financials

    · Net cash, being cash and cash equivalents less interest-bearing loans and borrowings,totalled$6.1 millionat 31 December 2017 ($2.8million at 30 September 2018)


    Gedabek - mining, production and sales


    The Company mined the following ore in the year ended 31 December 2018:

    CD708311-04C6-4623-A5F1-0C207A578E75.jpeg

    As previously reported, low grade ore (less than 1.5 grammes per tonne of gold) is being treated by heap leaching, whilst higher grade ore (more than 1.5 grammes per tonne of gold) is being processed through the agitation leaching plant.


    Anglo Asian stacked 154,901 tonnes of dry crushed ore onto heap leach pads with an average gold content of 0.81 grammes per tonne (Q3 2018: 195,957 tonnes with an average gold content of 0.91 grammes per tonne) during Q4 2018. The Company also heap leached uncrushed Run of Mine ("ROM") ore. During Q4 2018, Anglo Asian stacked 131,861 tonnes of ROM ore onto heap leach pads with an average gold content of 0.48 grammes per tonne (Q3 2018: 136,595 tonnes with an average gold content of 0.40 grammes per tonne).


    The Company processed during Q4 2018, 173,332 dry tonnes of ore with an average gold content of 2.26 grammes per tonne through the agitation leaching plant (Q3 2018: 196,700 dry tonnes with an average gold content of 2.39 grammes per tonne). 129,946 dry tonnes of ore containing an average copper content of 0.53 per cent. were processed by the flotation plant in Q4 2018 (Q3 2018: 126,009 dry tonnes of ore containing an average copper content of 0.47 per cent.).


    During Q4 2018, the Company produced gold doré containing 15,444 ounces of gold and 5,646 ounces of silver at Gedabek (Q3 2018: 18,874 ounces of gold and 7,416 ounces of silver). During Q4 2018, the agitation leaching plant produced 11,588 and 4,130 ounces of gold and silver, respectively, and the heap leach operations produced 3,856 and 1,516 ounces of gold and silver, respectively. During FY 2018 the Company produced gold doré containing 65,616 ounces of gold and 26,186 ounces of silver (FY 2017: 52,534 ounces of gold and 22,728 ounces of silver).


    SART processing in Q4 2018 produced109 dmt of copper concentrate containing 67 tonnes of copper and 13 ounces of gold (Q3 2018: 162 dmt of copper concentrate containing 81 tonnes of copper and 7 ounces of gold). During FY 2018, SART processing produced 754 dmt of copper concentrate containing 399 tonnes of copper and 32 ounces of gold (FY 2017: 1,436 dmt of copper concentrate containing 681 tonnes of copper and 20 ounces of gold).


    Flotation processing in Q4 2018 produced3,557 dmt of copper concentrate containing 521 tonnes of copper and 2,752 ounces of gold (Q3 2018: 2,501 dmt of copper concentrate containing 389 tonnes of copper and 2,437 ounces of gold). During 2018 Copper concentrate of 8,013 dmt was produced containing 1,246 tonnes of copper and 7,150 ounces of gold (FY 2017: copper concentrate of 7,894 dmt was produced containing 1,310 tonnes of copper and 7,063 ounces of gold).

    81A947FD-5D36-4EAC-8128-1DC843FBC243.jpeg

    74E124C4-992F-47B9-B01E-810D9546DF73.jpeg

    The Company paid a dividend in Q4 2018 of $3.4 million.
     

    Attached Files:

    Last edited: Jan 15, 2019
  15. Groucho

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    7 February 2019

    Anglo Asian Mining plc

    Production Guidance for Full Year 2019


    Full Year 2019 Metal Production Guidance of 82,000 to 86,000 Gold Equivalent Ounces Building on Record 2018 Production


    Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused inAzerbaijan, is pleased to announce its highest ever production guidance for the year ended 31 December 2019 ("FY 2019").


    Overview

    · Forecast metal production for FY 2019 of between 82,000 to 86,000 gold equivalent ounces ("GEOs") compared to FY 2018 production of 83,736 GEOs (2018 production guidance of 78,000 to 84,000 GEOs)

    · Forecast production for FY 2019 of between 65,000 to 67,500 ounces of gold (FY 2018: 72,798 ounces of gold produced) and between 3,100 to 3,300 tonnes of copper (FY 2018: 1,645 tonnes of copper produced)

    · Increase in copper production during 2019 resulting from a full year stand-alone operation of the flotation plant offset by lower gold grades of ore processed by the agitation leaching plant

    · Between 28,000 to 30,000 GEOs of FY 2019 production in the form of copper and gold concentrate compared FY 2018 production of 17,791 GEOs


    Anglo Asian CEO Reza Vaziri commented, "2019 will be another year of delivery for Anglo Asian with total metal production of between 82,000 to 86,000 gold equivalent ounces planned by our operations team. This demonstrates the sustainability of our business and builds on our record production of 83,736 gold equivalent ounces in 2018. The increasing proportion of our production as copper and gold in concentrate also highlights the versatility of our processing operations.

    "One critical pillar underpinning the future growth of the Company is our ongoing exploration and development programme. Two important elements of this programme are the results of the helicopter survey and the publication of the JORC mineral resource for Gardir, our underground mine which is already in production. These are both expected to be announced in this current quarter and should further demonstrate the expansion potential of the Gedabek Contract Area."


    Assumptions

    The production guidance has been calculated using the following budgeted metal prices for 2019:

    - Gold:$1,250per ounce

    - Silver:$15per ounce

    - Copper:$6,100per tonne


    The production guidance is for 100 per cent. of the Company's production which will be subject to an expected 12.75 per cent. production share throughout 2019 with the Government ofAzerbaijanunder the Company's existing production sharing agreement.


    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.
     
  16. Groucho

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    With a targeted c.25% of FCF dividend policy in place as well as a focus on sustainability of dividends indicated for FY18, we estimate Anglo Asian to pay out at least 6USc per annum with an upside revision potential subject to FCF generation levels. This translates into a 5.8% yield for FY19 (on 81p/share), one of the highest among London listed precious metals miners and accounting for less than 20% of EBITDA19, which is in addition to exploration upside exposure offered by the extensive yet underexplored AAZ land package.
    EDCBD120-49F1-47F7-9F45-1DF686FDBC90.jpeg
    Revised target price - based on recent guidance for 2019 production / sales.
    https://www.uploadlibrary.com/SPAngel_JohnMeyer/AngloAsianMining_Earnings_Update_200219.pdf
     
  17. Groucho

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    25 February 2019

    Anglo Asian Mining plc

    2018-2019 Dividend Guidance & Gadir Mineral Resources and Ore Reserves Estimate

    Updated Corporate Presentation


    Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused inAzerbaijan, is pleased to announce the following.


    2018-2019 Dividend Guidance

    The Company will declare a minimum final dividend for the year ended 31 December 2018 ofUS$3 centsper share and a minimum total dividend for the year ending 31 December 2019 ofUS$6 centsper share. The final dividend for the year ended 31 December 2018 will be paid in July 2019 following approval at the Company's annual general meeting on 20 June 2019.


    Mineral Resources and Ore Reserve Estimates for the Company's mines

    The Company has already published Mineral Resources and Ore Reserve Estimates according to the JORC (2012) code for its operating open pit mines - Gedabek open pit and Ugur. The Company now publishes Mineral Resources and an Ore Reserve Estimate for its Gadir Underground mine as set out below.


    Gadir Underground Mine Mineral Resources and Ore Reserve Estimate

    A Company estimate of the Gadir Underground Mine ("Gadir") Mineral Resources and Ore Reserves has been calculated (tables included below):


    · Measured and Indicated Mineral Resources (at a cut-off grade of 0.5 grammes per tonne of gold) of 1,775 thousand tonnes at a grade of:

    o2.54 grammes per tonne gold containing 145.2 thousand ounces of gold

    o12.9 grammes per tonne silver containing 736.1 thousand ounces of silver

    o0.21% copper containing 3,295 tonnes of copper

    o0.84% zinc containing 14,470 tonnes of zinc.


    · Inferred Mineral Resources (at a cut-off grade of 0.5 grammes per tonne of gold) of 571 thousand tonnes at a grade:

    o1.48 grammes per tonne gold containing 27.2 thousand ounces of gold

    o5.68 grammes per tonne silver containing 104.4 thousand ounces of silver

    o0.1% copper containing 571 tonnes of copper

    o0.52% zinc containing 2,972 tonnes of zinc


    · Proved and Probable Ore Reserves (at a cut-off grade of 1.2 grammes per tonne of gold) of 797 thousand tonnes at a grade of 2.73 grammes per tonne gold containing about 70,000 ounces of gold, 11.86 grammes per tonne silver containing 304 thousand ounces of silver and 0.17% copper containing 1,387 tonnes of copper.


    The Company is currently finalising the Gadir resources statement and ore reserves estimate in accordance with the JORC (2012) Code and will publish the full JORC (2012) Gadir Mineral Resources and Ore Reserve Estimates by the end of Q1 2019.

    A0D086FF-08B5-4B8C-B2B6-8E14129021EA.jpeg

    Exploration Expenditure

    The amount spent on geological exploration in the year ended 31 December 2018 was $4.5 million.


    Financial Calendar

    The Company will announce its audited final results for the year ended 31 December 2018 on 16 May 2019 and hold its Annual General Meeting on 20 June 2019.


    Updated Corporate Presentation

    An updated corporate presentation (the "Presentation") will be made available later this morning on the Company's website at www.angloasianmining.com.


    The Presentation will be given by the Company at the Hardman Investor Forum on Tuesday, 26 February 2019 in the City of London and the Proactive One2One Investor Forum hosted by Proactive Investors in the West End of London on Thursday, 28 February 2019.
     
    Last edited: Feb 25, 2019
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