Last checked at 23 Jun 2020 17:01
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
23 June 2020
Anglo Asian Mining PLC
("Anglo Asian" or the "Company")
Results of Annual General Meeting
Anglo Asian Mining plc, the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that following the Company's Annual General Meeting held earlier today, all resolutions were duly passed. In addition, the Company will release a questions and answers document later this week in respect of questions submitted by shareholders via Anglo Asian's website.
Details of the proxy votes received in respect of the Resolutions are set out below:
Resolution |
Votes for |
% |
Votes against |
% | Votes withheld |
Resolution 1 | 54,142,457 | 47.33 | 0 | 0 | 20,666 |
Resolution 2 | 54,100,884 | 47.29 | 33,073 | 0.03 | 29,166 |
Resolution 3 | 54,099,165 | 47.29 | 52,292 | 0.05 | 10,666 |
Resolution 4 | 54,163,123 | 47.35 | 0 | 0 | 0 |
Resolution 5 | 53,827,107 | 47.05 | 335,716 | 0.29 | 300 |
Resolution 6 | 52,213,041 | 45.64 | 1,673,023 | 1.46 | 277,059 |
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 |
Soltan Tagiev | SP Angel Corporate Finance LLP Nominated Adviser and Broker | Tel + 44 (0) 20 3470 0470 |
Camilla Horsfall | 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. In September 2017, production commenced at the Ugur open pit mine, a newly discovered gold ore deposit at Gedabek. 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 of 65,000 ounces to 67,000 ounces of gold and 2,200 tonnes to 2,400 tonnes of copper. This total production target expressed as gold equivalent ounces ("GEOs") at budgeted metal prices is between 75,000 GEOs and 80,000 GEOS.
Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties elsewhere in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.