Anglo Asian Mining increases gold production in Azerbaijan

By Trend News Agency

Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, produced 61,761 gold equivalent ounces in January-September 2018, which is 28 percent more than in the same period of 2017, according to the company report.

During the reporting period, 54,573 ounces of gold were produced, which is 44.81 percent more than in January-September 2017 (37,686 ounces).

The copper production during the reporting period amounted to 1,057 tons, which is 43.54 percent less than in January-September 2017 (1,872 tons).

During the reporting period, the silver production was 144,362 ounces compared to 125,375 ounces in the same period of 2017 (showing an annual increase by 15.14 percent).

In 2018, AAM plan to produce up to 84,000 ounces of gold.

AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field in Azerbaijan. Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.

This article provided by NewsEdge.