Gold producer in Azerbaijan aims to double production
Azerbaijan, Baku, Dec. 20th / Trend, A. Akhundov /
Azerbaijan's Anglo-Asian Mining plc plans to double its gold production in the country by 2015, CEO Reza Vaziri told Trend on Thursday.
According to him, the company plans to produce 49-51 thousand ounces of gold by the end of the year, 80-85 thousand ounces in 2013 and 95-100 million ounces of gold in 2014.
"Because of the very cold winter this year, production figures were lower than planned, so we revised the forecast for the end of the year and cut it to 49-51 thousand ounces, whereas last year we produced 57,000 ounces. With the launch of the vat leaching plant in 2013, we plan to increase production at the "Gedaby" field up to 67-70 ounces. During the second half of 2013, we plan to begin production at the "Gosh" field where we plan to produce 15-20 thousand ounces of gold by the end of the year and in 2014, up to 25 ounces. We also expect an increase in the production of silver and copper, by the end of 2013, we plan to produce 26,000 ounces of silver at "Gadabay" and 600 tons of copper, "- Vaziri said.
According to him, in accordance with its PSA agreement, the company transferred 22-23 thousand ounces of gold out of 180,000 produced to the Central Bank of Azerbaijan between 2009 and now.
According to Vaziri, in the coming years the company expects profit growth, which declined in 2012 due to production decline.
"Since starting the company, we have been dealing with profits. In 2011 our profit after tax stood at $21 million, in 2012 we expect $15-20 million and in 2013, a profit increase," Vaziri said.