Last checked at 18 Dec 2020 07:00
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
18th December 2020
Anglo Asian Mining PLC
("Anglo Asian" or the "Company")
Appointment of Non-Executive Director
Anglo Asian Mining plc, the AIM listed gold, copper and silver producer focused in Azerbaijan, announces the appointment of Michael Charles Sununu, as a Non-Executive Director with immediate effect. Michael is the son of Governor John Sununu, a director of Anglo Asian.
Michael has a B.Sc. from the Massachusetts Institute of Technology and an MBA from The Kellogg School at Northwestern University majoring in finance and accounting. He brings a wealth of financial and directorial experience to the team. Michael has worked for JP Morgan's Oil and Mining group and his experience there included debt restructuring and the Initial Public Offering for Consol Energy. He has managed trust funds throughout his successful career, including Hudson Seven LLC, where he was a founder. His work has included developing supply, demand and pricing models for several weather influenced commodities.
Currently, Michael is a founder and manager of Sununu Enterprises LLC and Sununu Holdings LLC, which specialise in planning and project development for major corporations and medium-sized firms, as well as providing strategic advisory services. Michael also presently serves as a Board Member for Purpose Energy Inc. and as a member of the Investment Committee for the New Hampshire Historical Society.
Anglo Asian Chairman, Khosrow Zamani, said "I would like to warmly welcome Michael to Anglo Asian. He is an accomplished businessman with deep knowledge and experience in finance, project development and natural resources. This will prove an invaluable asset to the board as we continue to focus on growing the business. Michael has been appointed following the departure from the board of Richard Round. I would also like to thank Richard for his work and commitment to the Company over the years."
Mr. Sununu, aged 53, currently holds or has held the following directorships and partnerships in the last five years:
Current directorships / partnerships | Previous directorships / partnerships |
Gamilon Empire LLC | Optima Bank and Trust |
Hydrosource International LLC |
|
Purpose Energy Inc |
|
Ratepayers Legal Defense Fund |
|
Sununu Enterprises LLC |
|
Sununu Holdings LLC |
|
Sununu Partners LLC |
|
Tyrell Development Company |
|
X-Corp Investments LLC |
|
Mr Sununu holds no ordinary shares or share options in the Company.
Other than as provided in this announcement, no other disclosures in relation to Mr Sununu are required under Rule 17 and schedule 2 (g) of the AIM Rules for Companies
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.
**ENDS**
For further information please contact:
Reza Vaziri | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
Bill Morgan | Anglo Asian Mining plc | Tel: +994 502 910 400 |
Stephen Westhead | Anglo Asian Mining plc | Tel: +994 502 916 894 |
Ewan Leggat | SP Angel Corporate Finance LLP Nominated Adviser and Broker | Tel: +44 (0) 20 3470 0470 |
Adam Cowl | SP Angel Corporate Finance LLP Nominated Adviser and Broker | Tel + 44 (0) 20 3470 0470 |
Tim Blythe | Blytheweigh Financial | Tel: + 44(0) 20 7138 3224 |
Megan Ray | Blytheweigh Financial | Tel: + 44(0) 20 7138 3224 |
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the Lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009. Mining at Gedabek was initially from its main open pit which is an open cast mine with a series of interconnected pits. The Company also operates the high grade Gadir underground mine which is co-located at the Gedabek site. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.
The Company produced 81,399 gold equivalent ounces ("GEOs") for the year ended 31 December 2019. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies. The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant.
The Company has a production target for the year to 31 December 2020 expressed as gold equivalent ounces ("GEOs") of between 68,000 GEOs and 72,000 GEOS.
Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for properties in other jurisdictions in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company. It has recently announced that it will enter into a joint venture with Conroy Gold and Natural resources PLC to explore and develop various gold properties in The Republic of Ireland and Northern Ireland.