Anglo Asian Mining upgrades forecast on precious metals production in Azerbaijan

Economy Materials 23 February 2023 15:48 (UTC +04:00)
Sadraddin Aghjayev
Sadraddin Aghjayev
Read more

BAKU, Azerbaijan, February 23. Anglo Asian Mining PLC [Public Limited Company], the AIM (Alternative Investment Market) listed gold, copper, and silver producer, has upgraded its forecast on the production of precious metals in Azerbaijan for 2023, the company’s press service told Trend.

"This year, we expect the production of precious metals at the level of 50,000-54,000 ounces in gold equivalent, as well as 4,100 to 4,300 tons of copper and 30,000-32,000 ounces of gold,” the press service said.

According to the press service, 2023 is a pivotal year for the company as it begins its transition to achieve significant copper production with the opening of its new "Gilar" and "Zafar" deposits.

Copper production is forecast to increase by 63 to 71 percent and gold production to decrease by 26 to 30 percent due to the company's growing focus on copper, capitalizing on the global de-carbonization agenda, the press service noted.

As previously announced, capacity at the flotation plant [in Gadabay] will double in 2023 as a result of an investment of approximately $3 million.

According to the company, copper-rich ore from the Gadabay open pit will be used as feedstock for the flotation plant during 2023.

The company also shared its plans to start processing gold on "Gilar" deposits in the fourth quarter of 2023.

Besides, the company noted that a minimal amount of ore will be processed from the "Vezhnali" and "Gosha" deposits in 2023.

“The recent decision to fast-track the "Gilar" into production has required redeployment of resources away from these two projects,” added the company.

The main activity of Anglo Asian Mining in Azerbaijan is focused in Gadabay, and this year the "Zafar" deposit is planned to be commissioned in the Gadabay district. In addition, in the coming years, Anglo Asian Mining plans to put into operation such contract zones as "Garadagh", "Kharkhar" and "Damirli". On the liberated territories, the company has already started the exploration of the "Vezhnali" gold deposit in the Zangilan district.

Anglo Asian Mining mainly exports gold bars produced in Azerbaijan to Switzerland. Meanwhile, copper is exported to Georgia, Uzbekistan, and Türkiye.