Anglo Asian Mining PLC (PURPOSE: AAZ) has actually begun manufacturing at its Gilar underground mine, situated at the Gedabek website in Azerbaijan.
The firm is targeting the mining of about 2,000 tonnes of ore each day. Gilar is anticipated to get to a regular monthly manufacturing of 50,000 to 60,000 tonnes of ore adhering to a constant ramp-up.
According to a first JORC mineral source quote released on 11 December 2023, the Gilar down payment consists of 6.10 million tonnes of mineralisation, with typical qualities of 0.88% copper– amounting to virtually 54,000 tonnes of copper– and 1.30 grammes of gold per tonne, having over 255,000 ounces of gold.
Shares of the firm increased 7% in London adhering to the information, bringing the miner to a market price of ₤ 169.9 million ($ 226.9 million).
Anglo Asian generated 16,760 gold-equivalent ounces for the year finished 31 December 2024. Manufacturing, nonetheless, was drastically limited because of a partial ecological closure however returned to by the end of the year.
The firm intends to shift right into a multi-asset, mid-tier copper and gold manufacturer by 2029, whereby time copper will certainly become its primary item. It intends to bring 4 brand-new mines right into manufacturing in between 2025 and 2029: Gilar, Zafar, Xarxar, and Garadag.
Learn More: Chinese trader who made $1.5 billion on gold builds a giant bet on copper
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