Production of silver to grow in second half-year

Azerbaijan, Baku, July 15/ Trend. E.Aliyev/

Anglo-Asian Mining Plc (ААМ) company, the gold producer in Azerbaijan produced 63 tons of copper and 8 322 ounces of silver in the Gadabay complex mine in the second half of 2013, the company's report published on its website reported.

According to the report, the company produced 93 tons of copper and 9 875 ounces of silver in the first quarter of this year.

"Despite the relative decline of rates, the company hopes for the growth of production volumes in the second half of the year which will be related to the commissioning of the vat leaching plant," the report of AAM said.

The volume of means attracted by AMM from the International Bank of Azerbaijan for the vat leaching plant amounted to $45 million. Moreover, another $2.3 million worth short-term loan from MBA was attracted. Total amount of AMM's debt is estimated at $47 million for June 30, 2013.

The company produced 50,215 ounces of gold, 20,133 ounces of silver and 502 tons of copper in Gadabay field in 2012.

Anglo Asian Mining has the right of exploration and production of mineral resources in an area of ​​about 2000 square kilometres, consisting of three contract areas (Gosh, Gadabay and Ordubad) under the terms of the Production Sharing Agreement (PSA) with the Government of Azerbaijan.

The resource base of the company exceeds 36 tonnes of gold, 292 tonnes of silver, and 94,000 tonnes of copper. The largest field developed by Anglo Asian Mining, is the Gadabay Complex Mine. The first gold and silver were mined on the field in May 2009, and the production of copper concentrate began in 2010.

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