Three new contract areas in Azerbaijan, totaling 882 km2, have been approved by parliament, according to Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF). This is in accordance with a transformative change to its production-sharing agreement.
Yesterday, the nation’s president officially made the ratification by the parliamentary body into law.
In the words of Anglo Asian Chief Executive Reza Vaziri, “I am thrilled to have gotten this parliamentary ratification which officially allows us the three new contract regions the company was given in September 2021.”
The importance of these purchases, which have significantly increased our asset base’s mineralization and transformed our portfolio, cannot be emphasised.
The three additional contract areas—Garadagh, Xarxar, and Demirli—were acquired by the AIM-traded firm without payment, according to the company.
There are now eight contract areas in Azerbaijan, totaling 2,544 km2.
With the Garadagh porphyry deposit alone containing more than 300,000 tonnes of copper, Anglo Asian claimed the new assets present a chance for the company to transition from a largely gold producing state to one that is predominantly copper.
According to the corporation, it will soon get all of the geological information concerning the new assets and will study it before deciding on a growth strategy.
According to Vaziri, “These new contract regions give Anglo Asian a road to realising our aim of being a mid-tier mining firm.”
Group Media Publication
Construction, Infrastructure and Mining
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