Actual gold reserves of Azerbaijan’s deposit exceed forecasts
Baku, Azerbaijan, Aug. 14
By Azad Hasanli – Trend:
The resource estimate for the Ugur gold deposit has exceeded the initial expectations, Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, said in a message posted on its website Aug. 14.
According to the AAM, the deposit’s resources total 199,000 ounces of gold and 1.05 million ounces of silver.
It was initially estimated that the deposit’s resources don’t exceed 195,000 ounces.
It is planned to start production at the Ugur deposit in September 2017. Initial work on drilling started at the deposit in September 2016.
Ugur field was defined in 2016. It is located three kilometers north-west of the company’s processing facilities at its Gedabek area.
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.
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.