On 5 July 2022, the Government of Azerbaijan approved amendments to Anglo Asian’s production sharing agreement and the Company acquired three new contract areas with a combined area of 882 square kilometres.
The acquisition of the three new contract areas is a transformational milestone in the history of the Company with the Garadagh porphyry deposit alone containing over 300,000 tonnes of copper with an in-situ value of over $3.0 billion at current prices. This acquisition underpins the Company’s vision of becoming a mid-tier gold and copper miner. The location of the new concessions is as follows:
Two of the new concessions border the existing Gedabek and Gosha Contract Areas. They contain the large-scale Garadagh porphyry deposit and the adjacent Xarxar copper deposit and assessment of these valuable assets will start immediately. A comprehensive exploration programme to prepare JORC compliant mineral resource and ore reserve estimates will commence after ratification of the new concessions. Development will follow the finalisation of the ore reserve estimates and the Company anticipates ore will be extracted by open pit mining.
The third new concession area is called Demirli and is adjacent to the Kyzlbulag Contract Area in the Karabakh economic region. The Demirli concession contains the Demirli copper-molybdenum deposit. According to an unsubstantiated report in January 2016, the deposit contained an estimated 275,000 tonnes of copper and 3,200 tonnes of molybdenum. The report is available at the below link. A map of the new concessions is also available at the link below.
Report in January 2016 on the Demirli deposit.
