Azerbaijan plans to increase gold production
Baku, Azerbaijan, Apr. 13
By Azad Hasanli - Trend:
The Azerbaijani Anglo Asian Mining PLC (AAM) company plans to produce 73,000-77,000 ounces of gold in 2016 in Azerbaijan, compared to 72,000 ounces produced in 2015, said the AAM message.
The company produced 14,172 ounces with 13,383 ounces contained within gold doré (semi-pure alloy of gold and silver) in 1Q 2016, while it produced 17,930 ounces of gold in 4Q 2015.
"Following record gold production in 2015 when we produced 72,032 ounces of gold, the first quarter of 2016 has unfortunately seen a slow-down in production," said AAM CEO Reza Vaziri.
Vaziri explained that the first quarter of the year has always had lower production due to the winter weather conditions.
The AAM's copper production for 1Q 2016 totaled 432 tons (181 tons from SART processing and 251 tons from flotation), which is by 29 percent more than in 4Q 2015, according to the company's message.
The company's copper production target for Fiscal Year 2016 is between 1,700 and 2,100 tons, comprising 700-800 tons from SART processing and 1,000-1,300 tons from flotation plant, said the message.
The AAM company supplied 1,330 dry metric tons of copper worth $2.1 million in January-March 2016 (excluding the Azerbaijani government's profit share) versus 817 tons worth $1.3 million supplied in 4Q 2015, according to the message.
Anglo Asian Mining PLC is a gold, copper and silver producer in Central Asia 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 stored in the government's account.
Edited by SI
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