Anglo Asian Mining aims to expand activity in Azerbaijan
Azerbaijan, Baku, May 16 / Trend A. Akhundov /
Anglo Asian Mining plc has delivered gold to the government as its share worth $30 million for the entire period of its activity within its PSA agreement, head Reza Vaziri said in an interview published in the international journal The business year.
"We have delivered about 17,000 ounces of gold worth $30 million to the government," Vaziri said.
He said Azerbaijan has a very high potential in the mining industry.
"We became pioneers in the gold mining, but the country has a lot of undeveloped fields with reserves of metals, base metals, copper and zinc," he said. "We are currently negotiating to expand the scope of our activity in the country. I am sure there are many companies that focus on the work in these areas in Azerbaijan. I am convinced that
this industry in Azerbaijan offers many opportunities for both local and foreign investors."
The company, entitled to develop several oil fields in Azerbaijan, extracts gold only at one field known as Gadabay. The production volume in 2011 totaled 57,068 ounces of gold. The company expects to produce 54,000 ounces of gold in 2012.
Anglo-Asian Mining plc signed a PSA agreement with the Azerbaijani government in August 1997. According to the agreement, Azerbaijan's share is 51 percent.