Shares of precious and base metals producer Anglo Asian Mining skyrocket 37% today after the company announced that it has signed a protocol with the Government of Azerbaijan on an action plan to implement certain enhancements to its operations and procedures.

According to Anglo Asian, as a result of signing the protocol and agreeing the action plan, the company is now free to restart all its operations. The company said the restart will be carried out in stages and mining operations will recommence immediately.

Anglo Asian noted that the majority of the items in the action plan will be implemented by the end of next year, adding that none of the measures will involve the company in significant expenditure.

The company said it maintains its full year 2023 production guidance of 30,000 to 34,000 gold equivalent ounces.

Anglo Asian Mining is a gold, copper and silver producer with a portfolio of production and exploration assets in Azerbaijan. The company produced 57,618 gold equivalent ounces in 2022.

Source: Kitco