27th Oct 2020 16:07
Anglo Asian Mining PLC - copper & gold producer in Azerbaijan - Notes announcement from the Ministry of Ecology and Natural Resources of Azerbaijan that the Zangilan district, which contains the company's Vejnaly contract area, is under Azerbaijan control. Anglo Asian points out that "this district forms part of the territory of Azerbaijan which has been occupied by Armenia since 1994".
Anglo Asian notes: "Vejnaly is held under the company's existing [production sharing agreement]. However, the PSA will only commence in respect of Vejnaly upon notification by the government of Azerbaijan to the company of the cessation of all hostilities and that it is safe to access the district. This notification will therefore 'reset' the PSA to year zero for contract areas in the occupied territories. Accordingly, the company then has the right to explore the contract area for up to five years and then develop and produce for 15 years with two five-year extensions allowed."
Current stock price: 113.25 pence
Year-to-date change: down 25%
By Anna Farley; [email protected]
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