Azerbaijan’s gold producer to start production at new field in 4Q17

Business Materials 25 July 2017 14:05

Baku, Azerbaijan, July 25

By Azad Hasanli – Trend:

Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, plans to start producing gold at the Ugur field in 4Q17, the AAM said in a message posted on its website.

“The first Ugur drill hole was completed in September 2016,” says the message. “Ugur is likely to provide the Company with an easily mineable, 50-metre-deep gold oxide ore body containing an in-house estimate of approximately 195,000 ounces of in-situ gold, which is highly amenable to agitation and heap leach processing.”

The Ugur field was defined in 2016. It is located three kilometers north-west from the company’s processing facilities at its Gedabek area.

The AAM produced 23,218 ounces of gold (decrease by 31.4 percent during the year), 1,322 tons of copper (decrease by 36.4 percent) and 85,087 ounces of silver (decreased by 6.3 percent) in 1H17.

The company 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.