The Garadagh deposit contained 168 000 t and 150 700 t of copper in Soviet resource classifications C1 and C2, respectively, totalling 318 700 t with an average grade of 0.64% copper.
The nearby Xarxar deposit was likely part of the same mineral system, the company noted.
These two concessions would infill 808 km2 of territory between the current Gedabek and Gosha contract areas and would create one continuous area of 1 408 km2.
The third new concession, Demirli, is adjacent to the existing Kyzlbulag contract area in the Karabakh region.
The new territories presented a “transformational opportunity” for the copper and gold miner, VP Stephen Westhead said on Wednesday, noting the vital role that copper played in the global transitioning to more sustainable practices.
The new concessions would be effective following ratification by Parliament.
As part of the agreement, the company would relinquish its rights to the Soutely mine in the Kalbajar district, citing security risks and high capital requirements to develop the mine.
“The recent cessation of hostilities with Armenia has presented an opportunity for Anglo Asian to develop its remaining contract areas, granted in 1998, and to significantly accelerate its growth strategy towards becoming a midtier gold and copper producer. Following extensive negotiations, we are very pleased to have secured two additional highly strategic mining properties immediately adjacent to the north of the Gedabek contract area. Together with the new Demirli mining property, they ensure the company is now in an excellent position to generate long-term sustainable growth with a greatly increased resource and reserve base with outstanding exploration potential,” said CEO Reza Vaziri.
With the new concessions added to Anglo Asian’s production sharing agreement, the company would have eight concessions in Azerbaijan with a total area of 2 544 km2.