Gold producer's gross profit in Azerbaijan nearly hits $2 million in 2009
Azerbaijan, Baku, June 9 / Trend, N. Ismayilova /
The revenue Azerbaijan's only gold producer, Anglo Asian Mining plc, reached $10.26 million in 2009, the company said. The company works primarily at the Gadabay Mine.
The company sold 9,656 grams of gold and 2,919 grams of silver at an average price of $1,057 and $17, respectively. Production costs amounted to $8.4 million dollars, with gross profits for the 2009 fiscal year hitting $1.853 million.
Anglo-Asian Mining plc has the rights to six fields in southwestern Azerbaijan - Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu - based on agreements signed with the Azerbaijani government in the PSA format in August 1997.
The PSA was signed between the Azerbaijani government and the Azerbaijan International Mineral Resources Operating Company for 30 years.
Azerbaijan's share is 51 percent, and Anglo-Asian Mining plc's share is 49 percent.
Under the contract, plans include extracting about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper.
Gold and silver were first mined in Gadabay in May 2009. In general, plans include mining more than 300 million ounces of gold before 2015.