Anglo Asian Mining shares plans to increase production in Azerbaijan

Economy Materials 30 March 2023 16:41 (UTC +04:00)
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, March 30. Anglo Asian Mining PLC [Public Limited Company], the AIM (Alternative Investment Market) listed gold, copper, and silver producer, expects to increase the production of precious metals in Azerbaijan by up to 50 percent, the company’s press service told Trend.

According to the press service, it’s expected to bring these figures up to 70,000-75,000 tons in gold equivalent and up to 15,500 tons in silver equivalent.

"From 2028, we expect an increase in production in copper equivalent to 36,000 tons and 175,000 tons in gold equivalent. Production growth is also expected due to the discovery of four new deposits," the press service said.

Besides, the company is expected to produce up to 54,000 ounces in gold equivalent this year, added the press service.

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.