BAKU, Azerbaijan, May 16. Anglo Asian Mining PLC [Public Limited Company] produced 57,618 gold equivalent ounces (GEOs), in line with the upper bound of the company's guidance, Trend reports citing the company's 2022 results report.
"This was achieved despite a decrease in grade at the Gadabay mine, our main asset. Our production forecast for 2023 is between 50,000 and 54,000 GEOs," the report said.
The report noted that the company's assets still have significant potential.
According to the report, in 2022, the company announced the discovery of a new sub-vertical vein at the Gosha deposit and published JORC Mineral Resources of 6.8 million tons of mineralization at the Zafar deposit with an average copper grade of 0.5 percent.
At the Gilar deposit, the company completed estimated first mineral resources of over 135,000 ounces of gold, 21,500 tons of copper and 23,000 tons of zinc; these resources have been increased with further drilling in 2023, the report further said.
Construction on the Gilar and Zafar underground mines commenced in early 2023 and their development will ensure a long-term supply of ore to support our future growth prospects.
In addition, a significant exploration program was launched at the Vezhnali field in 2022, and exploration at the Ordubad field resumed in early 2023.
"Both of these territories have very encouraging prospects for significant mineral discoveries," the report said.
Due to a significant increase in copper ore mining in the coming years, the company expanded its flotation plant.
"Its capacity has been doubled and the installation of additional flotation cells later in 2023 will provide additional operational flexibility to our portfolio of mining assets," the report added.
Anglo Asian mainly exports gold bars produced in Azerbaijan to Switzerland. Meanwhile, copper is exported to Georgia, Uzbekistan, and Türkiye.