The corporate subsequently acquired technical affirmation and a optimistic environmental report from authorities authorities concerning its proposal. The development design of the wall elevate was additionally accredited by the corresponding ministry.
With the receipt of authorization, Anglo Asian stated it should instantly begin work on elevating the tailings dam wall. The elevate is anticipated to be carried out in two phases, with the primary elevate of two.5 metres accomplished roughly three months after permission is obtained.
In keeping with CEO Reza Vaziri, Anglo Asian has already began mobilizing assets to restart flotation and agitation leaching processing and expects to recommence full manufacturing in roughly one week.
“This marks the top of a year-long disruption, and we look ahead to normalizing manufacturing,” Vaziri stated in a information launch. “We additionally look ahead to making swift progress on our strategic development plan to transition to a multi-asset, mid-tier primarily copper producer by 2028.”
Anglo Asian is anticipated to difficulty an annual manufacturing steerage for 2024 following the resumption of full manufacturing. For the primary half of the yr, it produced 5,270 gold-equivalent ounces throughout its operations in Azerbaijan, which is down considerably from final yr’s 23,391 ounces.
Shares of Anglo Asian Mining jumped 7.8% as of 4:35 p.m. GMT in London, for a market capitalization of £106.5 million ($135m).