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Gold production in Azerbaijan decreases

Business Materials 13 October 2016 16:05 (UTC +04:00)

Baku, Azerbaijan, Oct. 13

By Anvar Mammadov – Trend:

Anglo Asian Mining PLC (AAM), producer of gold in Azerbaijan, produced 49,874 ounces of gold in Jan.-Sept. 2016, which is 7.8 percent less than in the same period of 2015, says the AAM report posted on its website Oct. 13.

The company produced 54,103 ounces of gold in Jan.-Sept. 2015.

In total, AAM produced 71,670 ounces of gold in 2015, and it plans to produce 69,000-71,000 ounces of gold until the end of 2016, according to the report.

The AAM produced 16,497 ounces of gold in Q3 2016, which is 9.1 percent less than 18,158 ounces of gold produced in the same period of 2015.

The report also says the company sold 12,567 ounces of gold at an average price of $1,332 per ounce in Jan.-Sept. 2016.

Copper production totaled 1,363 tons in Jan.-Sept. 2016 in Azerbaijan, which is 2.1 times more than in Jan.-Sept. 2015 (634 tons), according to the report.

The AAM’s copper production through SART (sulphidization, acidification, recycling and thickening) totaled 225 tons in Q3 2016 (an increase by 4.2 percent during the year).

During Jan.-Sept. 2016, 1,426 dry metric tons of copper concentrate was produced. The volume contained 260 tons of copper, according to the report.

Silver production amounted to 114,915 ounces in Jan.-Sept. 2016 - 33,899 ounces from this were produced in Q3 2016, said the report, adding that the silver output increased by more than 10.5 times as compared to 10,916 ounces in Jan.-Sept. 2015.

The AAM’s net debt totaled $37.7 million as of Sept. 30, 2016. Out of the net debt, $19.7 million was owed to Amsterdam Trade Bank, $8.7 million – to the International Bank of Azerbaijan, $1 million – to Atlas Copco, $0.9 million – to Yapikredi, $4.2 million – to PASHA Bank, $3.9 million – to the company’s CEO Reza Vaziri.

Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets 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.

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