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| Date | 19 Jun 2023 |
| Time | 07:00:04 |
| Category | Corporate updates |
| ID | 0755D |
19 June 2023
Anglo Asian Mining PLC
Forward sale of 4,600 ounces of gold bullion
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that it has taken a forward sale position for 4,600 ounces of gold bullion over a 7 month period from June to December 2023. This supports the Company's medium-term growth strategy, culminating in its transition to a mid-tier copper producer, and is prudent in light of forthcoming capital expenditure requirements.
Monthly forward sales of gold bullion have been made equivalent to approximately 25 to 30 per cent. of each month's budgeted gold doré production. The contracts mature at the end of each respective month and a total of 4,600 ounces of gold bullion has been forward sold. The forward sales have been made at prices between $1,949.75 to $1,979.25 per ounce of gold. The spot price of gold at the time of contracting the forward sales was $1,947.50.
The Company will report execution of these forward sales contracts in its quarterly Production and Operations reviews.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
For further information please contact:
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Anglo Asian Mining plc |
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Reza Vaziri, Chief Executive Officer |
Tel: +994 12 596 3350 |
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Bill Morgan, Chief Financial Officer |
Tel: +994 502 910 400 |
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Stephen Westhead, Vice President |
Tel: +994 502 916 894 |
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SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat Adam Cowl |
Tel: +44 (0) 20 3470 0470 |
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Hudson Sandler (Financial PR) Charlie Jack Harry Griffiths |
Tel: +44 (0) 20 7796 4133
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About Anglo Asian Mining
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022.
On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier copper and gold producer by 2028. By 2028, copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and Garadag.
The Company owns approximately 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange in Canada and owns, or has the option to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources.