Azerbailan-focused miner copper, gold and silver miner
Directors hold significant stakes
Exploration could turn Anglo Asian’s ground into a mining camp
How it’s doing?
For the year ended December 31, 2019, the Azerbaijan-focused miner reported a pre-tax profit of US$30.1mln, up 19% on the prior year, while revenues increased 2% to a record level of US$92.1mln.
The production forecast for 2020 was “unchanged” at between 75,000 to 80,000 gold equivalent, it said alongside the numbers.
In May, it added that it would focus on five new exploration discoveries at the company’s projects in Azerbaijan that have the potential to “significantly increase the production and mine life” of the company.
Gold and copper mineralisation existed on or near the surface for each discovery giving “good potential for mine development”, with production anticipated from 2022 onwards, the miner said.
What the boss says: Reza Vaziri, chief executive
“We have developed extensive work programmes for each of these [five discovery] projects and this work will be a key focus for the company in the near to medium term”.
“This current plan demonstrates our confidence in the abundant resource base of the company, which we believe will continue to generate significant shareholder value.”
- Details about the possible transaction with Azerbaijan government
- Gets full benefit of strong gold price
- Exploration boosts resources across its three mines
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