Business
Forward sale of gold
Forward sale of gold.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n\n19 June 2023\n \nAnglo Asian Mining PLC\nForward sale of 4,600 ounces of gold bullion\n \nAnglo 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.\n \nMonthly 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.\n \nThe Company will report execution of these forward sales contracts in its quarterly Production and Operations reviews.\n \nMarket Abuse Regulation (MAR) Disclosure\nCertain 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.\n \nFor further information please contact:\n \n\n\n\nAnglo Asian Mining plc\n\n\n\n\n\n\n\nReza Vaziri, Chief Executive Officer\n\n\nTel: +994 12 596 3350\n\n\n\n\nBill Morgan, Chief Financial Officer\n\n\nTel: +994 502 910 400\n\n\n\n\nStephen Westhead, Vice President\n\n\nTel: +994 502 916 894\n\n\n\n\n\n\n\n\n\n\n\n\nSP Angel Corporate Finance LLP (Nominated Adviser and Broker)\nEwan Leggat\nAdam Cowl\n\n\nTel: +44 (0) 20 3470 0470\n\n\n\n\n\n\n\n\n\n\n\n\nHudson Sandler (Financial PR)\nCharlie Jack\nHarry Griffiths\n\n\nTel: +44 (0) 20 7796 4133\n \n\n\n\n \nAbout Anglo Asian Mining\nAnglo 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...