International mining giant Anglo American has received authorization from the Azerbaijani government to raise the walls of its tailings dam at the Gedabek mine, allowing the company to resume normal production and strengthen its future sustainability. The planned increase of the tailings dam wall by an additional seven meters is aimed at enhancing the load-bearing capacity and stability, ensuring the mine's safe operation as production resumes.
Construction of the tailings dam wall is set to begin immediately, with the project being carried out in two stages. The first phase involves a 2.5-meter elevation and is expected to be completed within three months after authorization. Anglo American is eager to restart production at the Gedabek Mine and will provide annual production guidance for 2024, outlining clear forecasts and development plans once full production is underway.
The announcement has bolstered investor and partner confidence, showcasing Anglo American's commitment and resilience in the mining sector. However, the company's performance in Azerbaijan for the first half of this year was challenging, producing only 5,270 ounces of gold compared to 23,391 ounces during the same period last year, highlighting the current difficulties in the mining market, including global economic impacts, geopolitical risks, and fluctuations in mineral resource prices.
Despite these challenges, Anglo American remains optimistic about the future of its mining operations in Azerbaijan. The company plans to increase investment, enhance communication and cooperation with local government and partners, and promote sustainable mining development. Additionally, Anglo American intends to adapt to market changes, optimize production processes, and improve production efficiency and profitability.
