Anglo Asian Mining shares rose 16% yesterday after the company received key approvals for upgrading its tailings dam wall. A government inspector was present when the technical and environmental approvals were granted by the Government of Azerbaijan to AIMC, Anglo Asian’s subsidiary.
The project will raise the tailings dam wall by seven meters in two stages, with the first 2.5-meter raise expected to be completed within three months of obtaining permission. The Ministry of Emergency Situations confirmed the dam’s stability and suitability, while the Ministry of Ecology and Natural Resources provided a positive environmental report on June 11.
With these approvals, Anglo Asian has completed the technical requirements for the dam wall raise. Final construction approval from the State Committee on Urban Planning and Architecture of Azerbaijan and local Gedabek authorities is expected shortly. CEO Reza Vaziri stated, “We are not expecting the final administrative formalities required before the permission is issued to take very long. This achievement marks another significant milestone for Anglo Asian in its return to normalised trading.”
The company will update its production guidance in due course and remains focused on advancing its development portfolio. The new Gilar mine is expected to begin production in the fourth quarter. Anglo Asian’s stock price surged to at least 67.22p per share, up 9.22p on the day, following the news.
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