Azerbaijan, Baku, Oct. 8 / Trend N.Ismayilova /
Azerbaijan's only gold producer, Anglo Asian Mining Plc, has extracted 19,214 ounces of gold in the third quarter from the Gedabek deposit, the company reported.
"The company has produced 6,167 ounces of gold in September and the total production for three quarters of 2010 reached 47,711 ounces, which is another step towards achieving the targeted level of production at 60,000 ounces, which the company intends to achieve by December 31, 2010," the company reported.
According to information, the average price of gold sale amounted to $1,229 per ounce in July-September.
Based on the State Statistics Committee, the country produced and sent to clean up 1.2 tons of gold since early 2010.
Anglo Asian Mining Plc owns the rights to develop six fields in southwest Azerbaijan - Gedabey, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. The concession is based on PSA agreements signed with the Azerbaijani government 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's is 49 percent. At current prices, compensation can be carried out for 3-4 years instead of 7-9 years specified in the contract.
Under the contract, plans include extracting about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper on the fields.
Gold and silver were first mined in Gadabay in May 2009. In general, plans cover mining more than 300 million ounces of gold on this field before 2015.
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