Baku, Azerbaijan, Apr. 21
By Azad Hasanli – Trend:
Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, produced 11,078 ounces of gold in the first quarter of 2017, 28.45 percent less than in the fourth quarter of 2016, says an AAM report.
During the first quarter of 2017, the company produced 39,369 ounces of silver, 21.6 percent less than in October-December 2016.
Despite the decrease in gold and silver production, AAM increased copper production. In January-March 2017, the AAM produced 606 tons of copper (a 4.84 percent increase), including 210 tons produced through SART (sulphidization, acidification, recycling and thickening).
In the first quarter of 2017, the company’s revenues from the sale of gold bars amounted to $10.1 million (8,283 ounces at $1,220 per ounce).
The company’s sales in the first quarter of 2017 decreased by 36.6 percent.
Nevertheless, the AAM increased the sale of copper concentrate by 12.8 percent to $4.4 million.
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 then delivered to Azerbaijan and stored in the government’s account.