Azerbaijan expects increase in production of gold, silver and copper

Business Materials 30 October 2012 20:43 (UTC +04:00)

Azerbaijan, Baku, October 30 /Trend J. Nasibova/

Azerbaijan forecasts the annual increase in gold production in the range of one percent until 2017.

This is stated in the draft of the State Budget for 2013 and the next three years, submitted to the Parliament of Azerbaijan.

Gold production is expected to reach about 1,810 kilograms in 2013, 1,828 kilograms - in 2014 1,847 kilograms - in 2015, and 1,865 kilograms - in 2016.

Gold production is expected to reach about 1,792 kilograms in 2012.

The first gold and silver were mined in Gadabay mine in May 2009, and the production of copper concentrate began in 2010.

Gold producer in Azerbaijan - company Anglo-Asian Mining plc, produced 35,685 ounces of gold on the gold and copper mine Gedabey for three quarters of 2012.

According to the forecasts increase in production of silver and copper ore is also expected in the future.

In 2013, the volume of silver production is expected to reach 1,240 kilograms, in 2014 - 1,252 kilograms, in 2015 - 1,265 kilograms, and in 2016 - 1,278 kilograms.

By the end of September, Anglo-Asian Mining plc produced 15,342 ounces of silver, 3,168 ounces of which - in the third quarter.

Mining of copper ores and concentrates will amount to 885.7 tons in 2013, 1,062 tones - in 2014, 1,275 tons - in 2015, and 2,362 tones - in 2016.

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.