{"id":106542,"title":"Anglo Asian Mining (AIM:AAZ) Equipment Purchase and flotation plant upgrade","publisher":"Share Talk","author":"sharetalk","published":"2023-02-22T07:40:11+00:00","modified":"2023-02-22T07:40:11+00:00","canonical_url":"https://www.share-talk.com/anglo-asian-mining-aimaaz-equipment-purchase-and-flotation-plant-upgrade/","markdown_url":"https://www.share-talk.com/anglo-asian-mining-aimaaz-equipment-purchase-and-flotation-plant-upgrade.md","json_url":"https://www.share-talk.com/anglo-asian-mining-aimaaz-equipment-purchase-and-flotation-plant-upgrade.json","category":"Mining","categories":["Mining"],"tags":["AAZ","Anglo Asian Mining","Azerbaijan","Bill Morgan","COPPER","Gold","Libero","Reza Vaziri","Share Talk","Stephen Westhead"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"**Anglo Asian Mining PLC** (“Anglo Asian” or the “Company”), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce it has placed orders for the major items of equipment required for production from its new Zafar and Gilar mines. The Company has also made progress with the upgrades to its Gedabek flotation plant.\n\n**Zafar and Gilar**\n\nThe equipment includes an underground fleet from Caterpillar and drilling machinery from Epiroc. The total equipment cost is approximately $10 million, approximately 40 per cent. of which will be met from the Company’s existing cash reserves with the remaining being financed through vendor financing. The equipment is a significant investment for the Company, underpinning its confidence to achieve its stated ambition to transition to mid-tier copper production status. The equipment ordered is set out below in Appendix One.\n\n**Gedabek flotation plant upgrade**\n\nAs previously stated, an expansion of the flotation plant is underway together with adding a further line to produce zinc concentrate. The total cost of the expansion is currently estimated at $3 million which will be paid from the Company’s existing cash resources. Contractors have been appointed to supply materials for the new flotation line. Additional contractors will be commissioned to modify the existing building and provide electrical services and control equipment. The modifications to the flotation plant to increase its capacity have now been broadly completed. The installation of the new flotation line using hydraulic flotation cells will be completed by the end of the year.\n\n**Stephen Westhead, Vice-President of Anglo Asian, commented:** “The new equipment will be used to expand the Company’s mining and processing operations with the development of two new underground mines this year. The expansion of our flotation plant has been broadly completed, doubling capacity and creating additional processing flexibility. This represents an important step in our medium-term growth ambition to become a mid-tier production miner, and significantly increases our capabilities within copper.”\n\nMarket Abuse Regulation (MAR) Disclosure\n\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**Anglo Asian Mining plc**\n\nReza Vaziri, Chief Executive Officer\n\nTel: +994 12 596 3350\n\nBill Morgan, Chief Financial Officer\n\nTel: +994 502 910 400\n\nStephen Westhead, Vice President\n\nTel: +994 502 916 894"}