BAKU, Azerbaijan, July 15
By Sadraddin Aghjayev - Trend:
Anglo Asian Mining PLC, the AIM listed gold, copper and silver producer focused in Azerbaijan, will start production at the Zafar field in Azerbaijan in 2022, Trend reports citing the company.
"The company continues to work hard on the top-priority exploration of the new Zafar deposit, which has already demonstrated significant copper-gold drill hole intersections with encouraging copper, zinc and gold grades,” Anglo Asian CEO Reza Vaziri said. “We look forward to releasing the maiden JORC resource for the project by the end of this month or early August."
Vaziri said that the final JORC mineral resource estimate will be carried out in the fourth quarter of 2021.
Anglo Asian CEO said that in accordance with the plan, the company will start to extract a certain part of the ore in 2022, but full-scale production at the deposit will begin in the first half of 2023.
Cash increased by $13.7 million to $36.6 million as of June 30, 2021.
The company produced a solid performance in the second quarter with production increasing to 16,740 gold equivalent ounces. Current FY 2021 production guidance of between 64,000 to 72,000 GEOs remains unchanged.
The company remains on track to achieve its production guidance for the full year of 2,500 tons to 2,800 tons of copper.
Anglo Asian Mining PLC announced the discovery of a new Zafar gold and copper deposit in the Gedabek license area in January 2021.
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