Anglo Asian Mining shares up, expects Gebabek safety report next week

(Alliance News) - Anglo Asian Mining PLC on Tuesday said a draft report by Micon International Ltd on the Gebabek dam in Azerbaijan has now been prepared and is expected to be finalised next week.

Shares in Anglo Asian Mining closed up 13% to 57.00 pence each in London on Tuesday.

It follows the Azerbaijan-focused copper and gold producer suspending operations at Gebabek last month as a "precautionary measure", noting that the level of cyanide in existing tailings dam was below the legal limit required by the government.

The Micon report follows Micon's visit to Gebabek last month, where they carried out a health, safety and environmental review of tailings management at the site.

Anglo Asian Mining said it is reviewing the draft report with Micon and the Azerbaijani government. Anglo Asian Mining expects the report to be finalised next week and will provide further details once the report is finalised.

Last month, Anglo Asian Mining estimated that the operations suspension at Gebabek would result in reduced production of around 400 tonnes of copper and 300 ounces of gold in August.

By Greg Rosenvinge, Alliance News reporter

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