Commitment to GISTM

Anglo Asian Mining PLC

19 January 2024

 

19 January 2024

Anglo Asian Mining PLC

Commitment to Global Industry Standard on Tailings Management

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that it has committed to implement the Global Industry Standard on Tailings Management ("GISTM") at its operations at Gedabek.

Anglo Asian currently complies with all local tailings dam regulations. Three international environmental and engineering consultancies have carried out audits, which confirm the tailings management facility is operated to international standards.

GISTM is a set of principals governing tailings management established under the auspices of the UN Environment Programme, the International Council on Mining and Metals and the Principles of Responsible Investment.  It strives to achieve the ultimate goal of zero harm to people and the environment with zero tolerance for human fatality. It requires operators to take responsibility and prioritise the safety of tailings facilities, through all phases of a facility's lifecycle, including closure and post-closure. It also requires the disclosure of relevant information to support public accountability.

The Principles for Responsible Investment, represented by the Church of England Pensions Board (the "Pensions Board") together with the United Nations Environment Programme, is leading a programme to establish an independent institute to oversee the implementation of GISTM. The Company has confirmed to the Pensions Board that they will work towards full compliance with GISTM and support the formation of the institute.

About the tailings management facility at Gedabek

The Company's tailing management facility is situated approximately 4.5 kilometres from the Company's processing facilities at Gedabek. It is a downstream rock fill embankment and was designed by international consultants (CQA International) approximately 12 years ago in accordance with the International Committee on Large Dams ('ICOLD') guidance. This guidance reflected best practice at the time for the design and construction of tailings management facilities. The construction of the tailings embankment was supervised by CQA International. There have been four construction phases with one further construction phase required for the facility to reach its final design capacity.

Compliance with the Global Industry Standard on Tailings Management

The Company is aiming for full compliance by the end of 2026. Knight Piésold will conduct a GISTM audit in which the Company will be asked to provide evidence under each of the 15 principals and 77 requirements.

Market Abuse Regulation (MAR) Disclosure

Certain 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.

For further information please contact:

Anglo Asian Mining plc
Reza Vaziri, Chief Executive Officer	Tel: [phone]
Bill Morgan, Chief Financial Officer	Tel: [phone]
Stephen Westhead, Vice President	Tel: [phone]
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat Adam Cowl	Tel: [phone]
Hudson Sandler (Financial PR) Charlie Jack Harry Griffiths	Tel: [phone]

About Anglo Asian Mining

Anglo 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 31,821 gold equivalent ounces ("GEOs") for the year ended 31 December 2023. 

On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier copper and gold producer by 2028, by which time copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during the period 2024 to 2028 at Zafar, Gilar, Xarxar and Garadag. 

The Company owns approximately 13.1 per cent. of Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange in Canada and owns Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources. 

https://www.angloasianmining.com/

 

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