Anglo Asian Mining, represented by CFO Bill Morgan and VP Stephen Westhead, provided an update on the company's current status and future plans. Established in 2006 and having produced its first gold in 2008, the company has a solid track record of profitable operations and paying dividends. However, recent environmental issues led to a substantial loss and suspension of dividends. The company has worked closely with the Azerbaijani government to resolve these issues, strengthening their relationship.
Their strategy involves significantly increasing production over the next five years by opening four new mines and acquiring a mining operation in Karabakh. Despite the shutdown, Anglo Asian Mining continued some production, reducing costs while maintaining activities. The company aims to become a mid-tier copper-gold producer, focusing on key projects in the Getikbek contract area and adjacent territories. Significant progress has been made in resource development, with substantial copper and gold mineralization identified.
They plan to fast-track projects such as Keelagh and Zafar due to their promising resource estimates. Additionally, they are incorporating advanced technologies like hyperspectral scanning for better resource evaluation. Anglo Asian Mining is transitioning from a gold-centric to a copper-centric company, anticipating substantial revenue from copper production by 2027. They are actively involved in developing the Karabakh region, supported by the Azerbaijani government. Future plans include resuming dividend payments once financial stability is restored.
