Anglo Asian Mining plc

Caterpillar Underground Mining Equipment delivered to Gedabek Site

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM-listed gold, copper and silver producer focused on Azerbaijan, is pleased to announce the Caterpillar underground mining fleet for its new Gilar mine has now been delivered to the Company's Gedabek mine site. This will be the first time Caterpillar underground equipment will be deployed in Azerbaijan. The equipment will be substantially vendor financed and this is the first time Caterpillar will provide finance to a customer in Azerbaijan or the wider Caucasus region.

The underground mining fleet comprises three R1700 underground loaders and two 980UMA underground loaders. Further details of the equipment are available at and Borusan, the authorised regional dealer of Caterpillar equipment, will maintain a stock of spare parts and consumables within Azerbaijan and major parts will be held at Borusan regional centres in Türkiye and Kazakhstan. This will enable efficient after-sales servicing of the machines over their lifetime, which was a major factor in the machine selection process.

The underground mining fleet are "state-of-the-art", next-generation machines constructed with safety at their core. They are more powerful and contain many new features compared to their predecessors. The operator environment has been improved and is more comfortable. Many new safety features have been added including better access points, multiple fire suppression systems and improved visibility and lighting.

The underground equipment will be utilised in the Company's new Gilar mine, which is currently under construction and development. The deployment of the new underground equipment will require the recruitment of around 50 new local employees, including equipment operators and equipment maintenance and support staff. Approximately 800 local staff are currently directly employed by the Company at Gedabek. In addition, the Company also provides employment for around 600 local residents with the Company's contractors.

The total cost of the equipment is $4.6 million. The $3.7 million balance due for the purchase of the equipment will be paid by the end of December 2023 from the Group's existing liquidity resources. It is anticipated that $3.7 million will be refinanced by a vendor financing loan from Caterpillar. Negotiations are continuing with Caterpillar Finance to finalise execution of the loan which is expected to close in Q1 2024.

A ceremony was held on the afternoon of Monday 11 December 2023 to mark the arrival of the equipment at Gedabek. This was attended by the Group's leadership team, Azeri and Turkish representatives from Caterpillar and Borusan, along with representatives from both the central and regional Governments of Azerbaijan. A demonstration was also given of operating one of the machines by remote control. The event attracted considerable interest within Azerbaijan with journalists from both print and broadcast media also in attendance.

Image 1: Anglo Asian Mining Vice President Stephen Westhead addressing the crowd at the ceremony.


Image 2: Caterpillar equipment outside the Gilar portal.


Image 3: Caterpillar equipment which will be used at Gilar.


Image 4: Reza Vaziri, Chief Executive Officer, speaking to local media following the event.



The Caterpillar equipment will be deployed in the Company's new Gilar mine. On 11 December 2023, a maiden JORC (2012) mineral resource estimate was published for the Gilar deposit.  This confirmed 6.10 million tonnes of mineralisation with an average copper grade of 0.88 per cent. and 1.30 grammes of gold per tonne. The In-situ mineral resource is 54,000 tonnes of copper, 255,000 ounces of gold and 46,000 tonnes of zinc.


The Gilar mine is scheduled to begin production around the middle of 2024 and will be an important source of production, bridging the gap between declining grades at Gedabek's existing mines and production starting from its much bigger Xarxar and Garadag contract areas.

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