Azerbaijan, Baku, April 15 /Trend A.Akhundov/
The company Anglo-Asian Mining plc, a manufacturer of gold in Azerbaijan, produced 9925 ounces of gold in the first quarter of 2012 from gold and copper mine at Gadabay, the company said. For comparison the company produced 14,028 ounces of gold in the first quarter of 2011.
"Despite the decline in production in the first quarter due to an unusually cold and long winter, the company will be able to compensate it and reach the goal of 54,000 ounces for this year" CEO Reza Vaziri said.
Anglo-Asian Mining plc has produced 7670 ounces of silver in January-March.
"The company has sold 8252 ounce of gold at an average price of $1679 dollars ounce and 7381ounce of silver at an average price of $33 per ounce during the first quarter," the report said.
The Anglo Asian Mining Company has the rights to develop six deposits in the south-west of Azerbaijan - Gedabek, Ordubad, Gosha Bulag, Gyzyl Bulag, Vezhnali and Soyutlu based on a PSA type agreement signed in August 1997 with Azerbaijani government. Under the contract, production of about 400 tons of gold, 2500 tons of silver and 1.5 million tons of copper is planned at the deposit.
Gold produced at the deposits is sent for refinement to Switzerland. Bullions are brought to Azerbaijan and stored in the government's vaults. The first gold and silver was produced at the Gedabek deposit in May 2009.