Baku, Azerbaijan, Dec. 1
By Anvar Mammadov – Trend:
The Anglo Asian Mining PLC (AAM) has reduced gold production forecast to 67,000-69,000 ounces for 2016, the company said in a message.
AAM is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.
Earlier, the company planned to produce 69,000-71,000 ounces of gold. However, since early 2016, production of the precious metal declined slightly, by 7.8 percent, to 49,874 ounces.
The forecast was revised due to production of low-grade ore at the Gadir mine and the work on the switching to a new power source at the mine in Azerbaijan’s Gadabay city.
The company produced 49,874 ounces of gold, 1,363 tons of copper and 114,915 ounces of silver in January-September 2016. In 2015, the company produced 72,032 ounces of gold by increasing output in the Gadabay field and commissioning a flotation plant in the fourth quarter of 2015.
Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.
Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.