Azerbaijani gold producer changes assessment of production volumes
Azerbaijan, Baku, Oct. 11 /Trend E. Aliyev/
Anglo Asian Mining Plc (gold producer in Azerbaijan) has changed the assessment of the production volumes from Gadabay Mine Complex, the company's message said.
"The company expects that 0.783 grams of gold per tonne of ore, or 1.1 million ounces in general will be produced from the field following the exploration works," the message said.
Anglo Asian Mining Plc also said it plans to extend the life time of the mine and its reserves, which currently stand at 744,038 ounces of gold.
"In the third quarter some 20,242 ounces of gold were produced at the mine, which is over 44 percent higher than the same period of the last year, when 14,044 ounces of the precious metal were produced. Increase in production is related to commissioning of the vat leaching plant," the report said.
The plant for vat leaching of gold was commissioned in Gadabay in early June. Initially, it was expected that the construction of the plant will require $52 million, but the company managed to save $7 million.
The company's resource base exceeds 36 tons of gold, 292 tons of silver and 94,000 tons of copper. The Gadabay Mine Complex is the largest of the fields developed by Anglo Asian Mining. The first gold and silver were mined here in May 2009. The production of copper concentrate began here in 2010.
The gold mined at the fields is sent to Switzerland for processing. The ingots are brought to Azerbaijan and stored in the government's account.