Anglo Asian Mining Receives Approval to Resume Operations

Shares in Anglo Asian Mining have seen a significant increase after the company announced that it has received approval to resume its operations and has reaffirmed its gold production guidance for 2023.

Positive Market Response

As of 0906 GMT, shares have risen by 35% to 67.5 pence, a positive indication of investor confidence.

Commitment to Enhancements

Anglo Asian Mining has signed an agreement with the Government of Azerbaijan outlining an action plan to implement necessary improvements to its operations and procedures following an environmental audit. The majority of these improvements are expected to be completed by the end of next year, with minimal associated costs.

Immediate Resumption of Mining

The company will immediately resume mining activities, with a focus on the production of gold dore and copper concentrate from the sulfidization, acidification, recycling, and thickening process. This will allow production levels to return to their former state.

Phased Approach

The remaining operations will be carried out in stages. The flotation plan is set to recommence in approximately 90 days, once the existing tailings dam has been further raised.

Production Outlook

Despite the temporary disruption caused by the halt in operations, Anglo Asian Mining maintains its full-year production guidance. The company expects to produce between 30,000 and 34,000 gold equivalent ounces.