Anglo Asian Mining ups forecast on gold production in Azerbaijan
Azerbaijan, Baku, Sept. 4 / Trend N.Ismayilova /
Gold production at Gedabek continued to increase quarter on quarter with production for six months to 30 June totaling 28,493 oz Au, Anglo Asian Mining plc- the only producer of gold in Azerbaijan, reported.
"This has been a transformational period for our Company, as we emerge as a profitable, cash generative gold production company in Central Asia. To this end, we have seen our gold production capabilities at Gedabek continuing to improve month on month, and coupled with the favourable gold price, this has led to increasing revenues and a substantial improvement in our balance sheet," Anglo Asian's CEO Reza Vaziri said.
The company increased its forecast on gold production in Azerbaijan from 53,500 ounces to 60,000 ounces for Dec.31, 2010.
The company Anglo Asian Mining PLC has the rights to develop six fields in the south-west of Azerbaijan - Gedabey, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu based on the PSA agreements signed with the Azerbaijani government in August 1997.
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