Baku, Azerbaijan, Jan. 18
By Anvar Mammadov – Trend:
Anglo Asian Mining PLC (AAM), producer of gold in Azerbaijan, produced 65,394 ounces of gold in 2016 that is by nine percent less than in 2015, according to the company’s report posted on its website.
The company produced 72,032 ounces of gold in 2015.
The AAM produced 15,483 ounces of gold in the 4Q2016, as compared to 16,534 ounces in the 3Q2016.
The company sold 12,995 ounces of gold at an average price of $1,227 per ounce in the 4Q2016 and it total, the AAM sold 53,366 ounces of gold at an average price of $1,253 per ounce in 2016.
Copper production stood at 1,941 tons in Azerbaijan in 2016 that is by more than twice exceeds the indicator of 2015 (969 tons).
During the 4Q2016, the AAM produced 578 tons of copper, 225 tons of which were produced from SART processing (increase by 19.2 percent for the quarter).
The company produced 165,131 ounces of silver in 2016, some 50,216 ounces of which accounted for the 4Q2016. The volume of silver production increased by more than 5.8 times as compared to 28,626 ounces in 2015.
“This has been a year of progress for Anglo Asian,” said AAM CEO Reza Vaziri.
Despite the fact that gold production for 2016 was marginally below the AAM’s revised forecast, there were other successful developments in 2016 and copper production doubled due to the operation of the flotation plant, he noted.
Progress was made in cost reduction and sustainability at Gedabek site, said Vaziri and expressed hope that this progress will further continue in 2017.
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.