Azerbaijan, Baku, Oct. 8 /Trend A.Akhundov/
Anglo-Asian Mining plc has produced 35,685 oz of gold during the three quarters of 2012. They gold was produced at the Gadabay gold and copper mine, the company said in a report posted on its website on Saturday.
The gold production amounted to 14,044 oz in the third quarter, 11,716 oz - in the second and 9,925 - in the first.
Previously, the company reduced the forecast for the extraction of gold by the end of 2012. Currently gold production is expected at the level of 49-51 thousand ounces (previous forecast was 54,000 ounces).
By the end of September, Anglo-Asian Mining plc produced 15,342 ounces of silver, of which 3,168 ounces - in the third quarter. The company maintained forecast on silver production and plans to produce 26,000 ounces this year.
"The company has sold 13,111 ounces of gold at an average of $1,655 per ounce in the third quarter, for the first three quarters - 18,135 ounces at a price of $1,647 per ounce," the statement said.
As of September 30, the amount of net debt of the company amounts to $14.1 million, the amount of cash in the bank - $4.9 million.
The Anglo Asian Mining Company has the rights to develop six deposits in the south-west of Azerbaijan - Gedabek, Ordubad, Gosha Bulag, Gyzyl Bulag, Vezhnali and Soyutlu based on a PSA type agreement signed in August 1997 with Azerbaijani government.
Gold produced at the deposits is sent for refinement to Switzerland. Bullions are brought to Azerbaijan and stored in the government's vaults. The first gold and silver was produced at the Gedabek deposit in May 2009.