Business
Annual General Meeting Statement
Annual General Meeting Statement.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n\n25 June 2025\nAnglo Asian Mining plc\nAnnual General Meeting Statement\nAnglo Asian Mining PLC (\"Anglo Asian\" or the \"Company\"), the AIM-listed gold, copper and silver producer focused on Azerbaijan, is holding its annual general meeting at 11:00 am today at The Washington Mayfair Hotel, 5 Curzon Street, London W1J 5HE, United Kingdom. At the meeting Reza Vaziri, Anglo Asian President and Chief Executive, will make the following statement:\n\"2024 was without doubt, a challenging year for Anglo Asian. We started the year with our agitation leaching and flotation processing still suspended, whilst we waited for permission to raise the wall of our tailings dam. Our balance sheet had to be managed very carefully with only minimal production coming from heap leaching and SART processing.\nThe Company has weathered the challenges very well and delivered a robust performance. It is now in a much stronger position than 12 months ago. By the end of 2024, we had completed the first stage of raising the tailings dam wall and resumed full production at Gedabek. We also obtained access to Demirli in the year, and our rehabilitation of the property commenced at a very fast pace.\nIn line with expectations, production in 2024 was 16,760 gold equivalent ounces which was lower than 2023 due to the partial suspension of processing throughout most of the year. Revenues were 40 million dollars and our loss before taxation was 21 million dollars. Fortunately, our lower production was partially offset by buoyant metal prices. Our net debt only increased during the year by 4.4 million dollars to 14.7 million dollars due to very careful cash management.\nWe continued to lay the foundations for our future growth during the year. We published maiden JORC mineral resources for our Xarxar and Garadag deposits. These deposits will significantly increase our production base and enable us to execute our transition to a mid-tier producer. The Company now has a JORC resource base of over one million tonnes of copper and 400,000 ounces of gold.\nThe Company's momentum and confidence have continued to increase significantly in the last few months. Since the end of 2024, our new Gilar mine commenced production in May 2025 and we expect Demirli to start production in the second half of this year. This means we will soon h...