Anglo Asian Mining talks projects in Azerbaijan under updated strategy

Business Materials 22 May 2020 17:16 (UTC +04:00)
Anglo Asian Mining talks projects in Azerbaijan under updated strategy

BAKU, Azerbaijan, May 22

By Eldar Janashvili - Trend:

The largest gold, copper and silver producer Anglo Asian Mining PLC operating in Azerbaijan has updated its current growth and exploration strategy, Trend reports citing the company.

According to company’s representatives, as part of this strategy, it is planned to implement a number of exploration projects.

One of the key tasks of Anglo Asian Mining is the discovery of deposits identified during ongoing exploration for increasing production and mine life.

“Considerable work has already been done in this direction. Currently, the company is focused on the development of five fields, which in a short time can increase production volumes. First of all, these are Avshankli-1 and Avshankli-3, located in the north-eastern sector of Gadabay district, 6.5 kilometers from the existing processing facilities. They have the potential of open mines, rich in gold and copper, which can be mined by leaching and flotation. Start of production is planned for 2022,” said the statement.

The Gilar field, located in the northeast sector of Gadabay, near Avshankli, is supposedly a gold-bearing open pit with underlying copper. However, further exploration with potential production in 2023 is required before operation.

The Ugur field is located close to the southeastern flank of the Ugur mine, which is a potential underground mine, the existing infrastructure and access road to which will contribute to its development and potential production from 2023. The Zafar field is located 600 meters west of the ore processing and leaching facility. Production on this field may begin in 2024.

Five new discovered exploration fields have the potential to significantly increase the production and operational life of the company's mines. Each of them has gold and copper mineralization on or near the surface.

“I am pleased to present an updated strategy detailing our exploration and growth plans and clearly demonstrating significant potential for extending the life of mines and increasing production from our existing assets. This current plan demonstrates our confidence in the company's rich resource base. We believe that this plan will continue to make significant income for shareholders,” said Reza Waziri, CEO of Anglo Asian Mining PLC.


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