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Anglo Asian Mining PLC said on Tuesday it will double the capacity of its Zafar flotation plant in Azerbaijan.
The London-based gold, copper and silver producer said the mine expansion supports its aim to produce over 100,000 ounces of gold equivalent per year.
It added the mine design is ‘well advanced’, with production expected to commence in the second half of 2023.
Anglo Asian Mining estimated the total expansion cost to be around $2.5 million, which will be paid from its existing cash resources.
Shares in Anglo Asian Mining increased by 3.3% to 86.77 pence in London on Tuesday afternoon.
‘Anglo Asian is at the beginning of its next phase of growth, as we prepare to bring a number of new mines into production. The development of our medium-term growth strategy is well underway and we need to increase our processing capabilities to accommodate additional ore production,’ said Chief Executive Officer Reza Vaziri.
The Zafar plant opened in 2015 to produce copper concentrate.
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