Azerbaijan’s gold producer forecasts output volume for 2017

Azerbaijan’s gold producer forecasts output volume for 2017

Baku, Azerbaijan, July 2

By Anvar Mammadov – Trend:

Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, targets to produce up to 72,000 gold equivalent ounces in 2017, said the company’s CEO Reza Vaziri at an annual meeting, according to the AAM statement issued June 30.

These excellent financial and production results of 2016 reflect the ongoing success of the AAM’s long-term plan of sustainability and cost reduction, he noted.

"Key components of this strategy for the current year are the extensive exploration and production optimization of the main open pit and the Gadir underground mines and the start of production of the newly discovered Ugur gold ore body. We are also testing a new configuration of the flotation and agitation leaching plants to give us added flexibility in processing," said Vaziri.

According to the CEO, the company returned to profitability in 2016, which has been a very significant achievement, and evidence of its success over the last several years.

"Our full year 2016 results, announced last month, showed a small increase in total revenue to $79 million. The sustaining cost of production of gold reduced significantly from $858 per ounce for 2015 to $616 per ounce for 2016 and as a result the company recorded a profit before taxation of $6.8 million," noted Vaziri.

Meanwhile, the company’s net debt decreased by $14 million to $35 million in late 2016, he added.

It should be noted that the AAM produced 11,078 ounces of gold in 1Q17 that is by 28.45 percent less than in 4Q16. During the quarter, the company also produced 39,369 ounces of silver, which is by 21.6 percent less than in October-December 2016.

Despite the reduction in gold and silver production, the company increased copper production. Thus, the AAM produced 606 tons of copper in January-March 2017 (an increase by 4.84 percent during the quarter), including 210 tons produced through SART (sulphidization, acidification, recycling and thickening).

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.

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