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Azerbaijani ministry interested in permission for gold field exploration

Business Materials 28 November 2011 18:35 (UTC +04:00)

Azerbaijan, Baku, Nov. 28 / Trend A.Akhundov /

The Azerbaijani Ministry of Environment and Natural Resources is interested in issuing the permission for gold producer in the country - Anglo Asian Mining company to conduct the development and production operations at the field Gosha this year, Minister of Environment and Natural Resources Huseyn Bagirov told Trend.

In November, the company presented the Program for the Development and Production at the Gosha field to the government.

"The company presented the results of the exploration operations to the government," he said. "Their appeal is being considered. We are interested for them to get a permit as soon as possible. The field was discovered in the Soviet era. We are interested for it exploration to be launched and the state to receive income."

Anglo Asian Mining Plc intends to develop the Gosha field to produce gold at an average of 10,000 to 15,000 ounces per year up to five years.

Anglo Asian Mining Plc owns the rights to develop six fields in south-west Azerbaijan at Gedabey, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. The concession is based on PSA agreements signed with the Azerbaijani government in August 1997.
According to the contract, production plans aim to yield 400 tons of gold, 2,500 tons of silver, and 1.5 million tons of copper. Gold and silver were first discovered in Gedabek in May 2009. More than 300,000 ounces of gold are planned to be produced from this field by 2015.

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