Anglo Asian Mining PLC held its annual general meeting, where Reza Vaziri, President and Chief Executive, provided an overview of the company's performance in 2023. The year began positively with the publication of a strategic growth plan, aiming to transition the company to mid-tier production status with a focus on copper. However, social unrest at the tailings dam in July led to the suspension of agitation leaching and flotation processing, impacting production. Despite this, the company's operations were confirmed to be within international environmental guidelines by Micon International.
The company's environmental credentials were further strengthened by the formation of a sustainability committee and a commitment to implement the best practice Global Industry Standard on Tailings Management at its operations in Gedabek. In 2023, production was lower than expected due to mining from legacy open pit and underground mines, with a full-year production of 31,821 gold equivalent ounces and revenues of $46 million. The company ended the year with a net debt of $10.3 million.
Anglo Asian Mining continued to lay the foundations for future growth by publishing JORC resources for various deposits and is on track to complete a JORC resource for Garadag in 2024. The company now has a substantial resource base of over 500,000 tonnes of copper and 400,000 ounces of gold. Despite the challenges faced in the past year, the company remains committed to its growth strategy, aiming to become a mid-tier producer dominated by copper within the next five years.
The company expressed gratitude to its board members, management team, employees, contractors, and shareholders for their support and dedication during the challenging period. Looking ahead, Anglo Asian Mining is optimistic about resuming full production from agitation and flotation processing and remains focused on its growth strategy.
Anglo Asian Mining PLC is a gold, copper, and silver producer with assets in Azerbaijan. The company's strategic plan outlines a clear path to transition to a multi-asset, mid-tier copper and gold producer by 2028, with copper being the principal product. Additionally, the company owns approximately 19.8% of Libero Copper & Gold Corporation, which holds exploration properties in North and South America.
For further information, interested parties can contact Anglo Asian Mining PLC directly.