17th Jul 2023 13:22
(Alliance News) - Anglo Asian Mining PLC on Monday said its preferred site for its second tailings dam in Gedabek, Azerbaijan has been granted by the country's government.
The Azerbaijan-focused copper and gold producer said the dam, which will be constructed near to its existing dam, has recently been the subject of protests, leading the Azerbaijani government to undertake environmental sampling in the area near to the existing dam.
The firm said the sampling did not identify any contamination or a higher incidence of disease in the neighbouring population.
Anglo Asian said it has agreed to re-evaluate the technical and environmental aspects of its second dam alongside the government, including its proposed location, as a result of the "sudden" and "unexpected" unrest. The firm said it is proud of its "long-standing and strong community relations".
The company also added that it has received assurance that the wall of its first dam can be raised in order to allow sufficient tailings capacity whilst its second dam is being constructed. The raising of the wall has been agreed by the government, subject to the completion of the environmental study.
Anglo Asian shares fell 7.6% to 73.02 pence each on Monday afternoon in London.
By Harvey Dorset, Alliance News reporter
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