CEO: ‘Soyudlu events’ caused 80% depreciation in Anglo Asian Mining's shares

The events in the village of Soyudlu and the suspension of the operation and production of the ore processing plant by the flotation method in the Gedabek contract area (west of Azerbaijan) by the Anglo Asian Mining plc of the UK caused huge damage to the company, Reza Vaziri, CEO of Anglo-Asian Mining Plc, said in his response to the question of Report’s correspondent.

He said that this happened when the value of the company's shares on the London Stock Exchange increased: “Currently, there is an 80% depreciation in the shares. I think that even though the company suffered a huge loss, it is not a reason for us to exit the market and we will try to increase the stock prices on the stock exchanges again.”

According to the company, the temporary shutdown of the flotation unit will reduce production by approximately 400 tons of copper and 300 ounces of gold production in August.

Anglo Asian Mining plc does not expect the flotation plant to resume operations until 2024.