Anglo Asian Mining, the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, has announced details of its strategic plan for growth.
Highlights
- Well-defined strategy to more than double production in the next five years with the Company transitioning to a multi-asset, mid-tier copper and gold producer by 2028.
- The company forecasts total production increasing by 30 – 50% to 70 000 – 75 000 gold equivalent oz for 2024 and 2025 (copper equivalent of 15 000 – 15 500 t).
- Copper equivalent production increasing to approximately 36 000 plus tpy (gold equivalent of 175 000 oz) from 2028.
- Production growth delivered through the sequential opening of four new mines in Azerbaijan.
- Copper, a critical metal for the energy transition to net zero, is expected to become the principal product of the company from 2026.
- Positive cash-flow, current cash and an undrawn US$32 million debt facility to support near to medium term capital expenditure requirements.
- Growth strategy underpins the continued commitment to deliver attractive returns to shareholders.
Production targets for 2023 to 2028
Anglo Asian anticipates production of between 50 000 to 54 000 gold equivalent oz for 2023 (see RNS announcement dated 23 February 2023). Detailed production guidance will be given as mine development progresses.
Reza Vaziri, Chief Executive Officer of Anglo Asian, commented: “This is an exciting time for Anglo Asian. We have devised a strategic plan for growth to drive the Company to multi-asset, mid-tier producer status. This focuses on a very substantial increase in copper production, augmented by our on-going significant gold and silver production. We have an ambitious, but realistic, plan to deliver this through sequential asset development and the opening of four new mines in Azerbaijan over the next five years. Our upcoming increased copper exposure is timely and value-accretive. Copper is a critical metal for the energy transition to net zero that is expected to benefit from increased demand as the move towards electrification intensifies. Critically this plan will deliver long term, sustainable value to all our stakeholders. We look forward to updating the market on our progress as we embark on this exciting and ambitious path to growth.”