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Azerbaijan gold producer forecasts extraction increase

Business Materials 15 April 2013 14:25 (UTC +04:00)
Anglo-Asian Mining PLC which mines gold in Azerbaijan has produced 8585 ounces at the Gadabay gold and copper mine during the first quarter of 2013,

Azerbaijan, Baku, April 15 / Trend A.Akhundov /

Anglo-Asian Mining PLC which mines gold in Azerbaijan has produced 8585 ounces at the Gadabay gold and copper mine during the first quarter of 2013, the company reports.

According to the report, gold production was 9925 ounces on the results of the first quarter of 2012 and 50,215 ounces by the end of 2012. In 2013, the company is going to increase the annual gold production to 60,000 ounces.

As of the end of March, Anglo-Asian Mining PLC produced 16,530 ounces of silver.
During the first quarter of 2013 Anglo-Asian Mining sold 8725 ounces of gold for $1,638 per ounce in average.

According to the terms of a production sharing agreement (PSA) with the Azerbaijani government, Anglo Asian Mining has the rights for exploration and extraction of mineral resources in an area of around 2000 square kilometres including three contract areas (Gosha, Gadabay and Ordubad).

The company's resource base exceeds 36 tons of gold, 292 tons of silver and 94,000 tons of copper. The Gadabay mine is the largest among the fields developed by Anglo Asian Mining. The first gold and silver were extracted there in May 2009. The production of copper concentrate began in 2010.

Gold produced at the deposits is sent for refinement to Switzerland. Bullion is brought to Azerbaijan and stored in the government's vaults.

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