Only gold producer in Azerbaijan begins copper mining

Business Materials 10 March 2010 19:42 (UTC +04:00)

UK, London, March 10 / Trend , N.Ismayilova/

Anglo Asian Mining plc, the only gold producer in Azerbaijan, is planning to produce 72,000 ounces of gold in gold/copper mine Gedabey in Azerbaijan by the end of 2010, Company's President Reza Veziri said in his speech at the trade and investment forum "The UK in Azerbaijan", which was held in London on March 8, 2010. The forum was organized with the support of the Middle East Association and the International Bank of Azerbaijan.
"Since the start of production, about 18 million ounces of gold have been produced, and today the process of production continues. This month, we produced 4,000 ounces, and presumably by the end of March the production will reach about 5,000 ounces of gold. Thus, by the end of this year, we intend to produce 72,000 ounces of gold," said Veziri.

According to him, about 10 days ago, the company commenced to produce copper on Gedabey mine. "Most of our funds comes from the International Bank of Azerbaijan, and we are actively working with this bank," he said.

The company has the right to develop six fields in the southwest of Azerbaijan - Gedabek, Ordubad, Gosha Bulag, Gizil Bulag, Vezhnali and Soyutlu based on the PSAs signed with Azerbaijani government in August 1997.