Portfolio

Anglo Asian Mining makes charter shipment of gold to Switzerland

By Josh White

Date: Tuesday 07 Apr 2020

Anglo Asian Mining makes charter shipment of gold to Switzerland

(Sharecast News) - Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining has made a further shipment of gold dor? containing 4,688 ounces of gold, it announced on Tuesday, to MKS Finance.
The AIM-traded firm said the shipment came after its announcement on 26 March, where it said that due to the cessation of scheduled air flights, it was looking at other logistical options for the shipment and sale of gold dor?.

It said the 4,688 ounce shipment to Switzerland was by air-charter, and added that advance sale proceeds had been received totalling around 90% of its share.

Swiss gold refiners had announced that they were expecting to shortly resume limited operations, with Anglo Asian adding that discussions with two alternative refiners had also begun.

The company confirmed it was continuing to ship copper concentrate by road, and added that its operations in Azerbaijan were ongoing, with the safety of staff described as "paramount".

"I am delighted that the company has successfully delivered a further consignment of gold dor? to MKS Finance, Switzerland by air-charter," said chief executive officer Reza Vaziri.

"This shipment amply demonstrates the company's agility despite the operational problems presented by Covid-19."

Vaziri said it was also "testament to the ability" of its operational team in Azerbaijan, who had worked to overcome the logistical issues under "difficult" circumstances, and allowed the firm to stay within its planned objectives for the year.

"The Swiss refiners have recently announced that they expect to shortly resume limited working and we are currently ascertaining when we can commence further shipments."

At 0938 BST, shares in Anglo Asian Mining were up 4.9% at 109.62p.

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