Gold production down in Azerbaijan
Baku, Azerbaijan, July 18
By Azad Hasanli – Trend:
Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, produced 23,218 ounces of gold in 1H17, which is by 31.4 percent less than in the same period of 2016, says an AAM report posted on its website.
The company produced 11,078 ounces of gold in 1Q17, 12,140 ounces of gold – in 2Q17.
In January-March 2017, the AAM sold 8,283 ounces of gold at an average price of $1,220 per ounce, and in April-June 2017 – 7,406 ounces of gold at an average price of $1,258 per ounce.
Copper production totaled 1,322 tons in Azerbaijan in 1H17, which exceeds the figure (969 tons) for January-June 2016 by 36.4 percent. Moreover, the company sold 5,396 dry metric tons of copper worth $10.5 million (excluding the share of the Azerbaijani government) in 1H17.
Silver production totaled 85,087 ounces during the period, 5,713 ounces of which contained within gold doré.
The volume of silver production decreased by 6.3 percent in 1H17, as compared to the same period of 2016.
The AAM plans to produce 64-72,000 ounces of gold in 2017.
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.