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Anglo Asian Mining PLC on Wednesday said that it has placed orders for the major items of equipment required for production from its new Zafar and Gilar mines. Anglo Asian is a gold, copper and silver producer focused on Azerbaijan. The equipment for both the Zafar and Gilar mines in Azerbaijan includes an underground fleet from Caterpillar Inc, and drilling machinery from Epiroc AB. Anglo Asian put total costs for the machinery at $10 million, of which 40% will be met from its existing cash reserves, and 60% through vendor financing. It said the equipment was a ‘significant investment’, underpinning its goal of transitioning to mid-tier copper production status. The company also said it has made progress with upgrades to its Gedabek flotation plant. An expansion of the flotation plant is underway, together with adding another line to produce zinc concentrate. Contractors have now been appointed to supply materials for the new flotation line, while additional contractors will be commissioned to modify the existing building and provide electrical services and control equipment. Anglo Asian said that modifications to the flotation plant to increase its capacity have now been ‘broadly completed’. It expects to have installed the new flotation line using hydraulic flotation cells by the end of the year. The total cost of the expansion is currently estimated at $3 million. ‘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,’ said Vice President Stephen Westhead. Anglo Asian shares were trading 1.0% lower at 97.50 pence each in London on Wednesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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