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Anglo Asian Mining PLC - Azerbaijan-focused gold, copper and silver producer - Produces 5,295 gold equivalent ounces in the third quarter of the year. In the nine months to September 30, produces 28,686 gold equivalent ounces. Net cash at September 30 of USD1.6 million, down 83% from USD9.6 million at June 30 as a result of a final dividend payment of USD4.6 million for 2022.
Says Gedabek gold mine is set to fully resume operations following an environmental inspection. Last month, Anglo Asian reported that radiation levels at Gedabek were aligned with natural background conditions for the area and no issues were found with the air quality, adding that no cyanide was found in any soil sample above the limits of analytical detection. In August, Anglo Asian reported that Consultants from Micon International Co Ltd had visited Gebabek in July to carry out full environmental inspection on behalf of the government.
Chief Executive Officer Reza Vaziri comments: "This was a challenging quarter for the company with operations impacted by the environmental inspection that was ordered by the Government of Azerbaijan. Our focus was to fully cooperate with the government and ensure the environmental inspection was carried out properly.
The inspection's findings highlighted areas for improvement regarding company response systems, resources and protocols. We are now working with the government to ensure these issues are very quickly addressed. Nevertheless, we were pleased that allegations of environmental contamination were proved to be without merit with the report recognising the company operates within accepted high industry standards and guidelines."
Current stock price: 48.31 pence, down 6.2%
12-month change: down 27%
By Sabrina Penty, Alliance News reporter
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