Business
Strategic growth plan
Strategic growth plan.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \n \n \n 30 March 2023\n \n \n \n \n \n \n \n \n \n Anglo Asian Mining plc\n \n \n \n \n Strategic plan for transformation to mid-tier copper and gold production\n \n \n \n \n \n \n Anglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, is pleased to announce details of its strategic plan for growth. \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n ·\n \n \n \n \n Well-defined strategy to more than double production in the next five years with the Company transitioning to a multi-asset, mid-tier copper and gold producer by 2028\n \n \n \n \n \n \n ·\n \n \n \n \n The Company forecasts total production increasing by 30 to 50 per cent. to 70,000 to 75,000 gold equivalent ounces for 2024 and 2025 (copper equivalent of 15,000 to 15,500 tonnes)\n \n \n \n \n \n \n ·\n \n \n \n \n Copper equivalent production increasing to approximately 36,000 plus tonnes per annum (gold equivalent of 175,000 ounces) from 2028 \n \n \n \n \n \n \n ·\n \n \n \n \n Production growth delivered through the sequential opening of four new mines in Azerbaijan\n \n \n \n \n \n \n ·\n \n \n \n \n Copper, a critical metal for the energy transition to net zero, expected to become the principal product of the Company from 2026\n \n \n \n \n \n \n ·\n \n \n \n \n Positive cash-flow, current cash and an undrawn $32 million debt facility to support near to medium term capital expenditure requirements\n \n \n \n \n \n \n ·\n \n \n \n \n Growth strategy underpins the continued commitment to deliver attractive returns to shareholders\n \n \n \n \n \n \n \n \n \n \n Production targets for 2023 to 2028\n \n \n \n Anglo Asian anticipates production of between 50,000 to 54,000 gold equivalent ounces for 2023 (\n see RNS announcement dated\n 23 February 2023). The Company's anticipated production targets for 2024 to 2028 in its strategic plan for growth are tabulated below. Detailed production guidance will be given as mine development progresses.\n \n \n \n \n \n \n \n \n \n \n Years\n \n \n \n \n \n \n Production target*\n \n \n \n \n \n \n \n \n Gold equivalent ounces\n \n \n \n \n \n \n Copper equivalent tonnes**\n \n \n \n \n \n \n \n 2023\n \n \n \n \n c. 50,000 to 54,000\n \n \n \n \n c. 10,300 to 11,200\n \n \n \n \n \n \n 2024 and ...