Baku, Azerbaijan, Oct. 14
By Anvar Mammadov – Trend:
Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, produced 37,686 ounces of gold in January-September 2017 that is 24.5 percent less than in the same period of 2016, says the company’s report posted on its website.
The company produced 11,078 ounces of gold in 1Q17, 12,140 ounces of gold – in 2Q17, 14,468 ounces of gold – in 3Q17.
The AAM sold 8,283 ounces of gold at an average price of $1,220 per ounce in January-March 2017, 7,406 ounces of gold at an average price of $1,258 per ounce in April-June 2017, and 9,287 ounces of gold at an average price of $1,286 per ounce in July-September 2017.
Copper production totaled 1,872 tons in January-September 2017 that is 37.3 percent more than in the same period of 2016 (1,363 tons).
Moreover, the company sold 2,905 dry metric tons of copper worth $5.5 million (excluding the share of Azerbaijani government) in the mentioned period.
Meanwhile, 125,375 ounces of silver were produced in the country in January-September 2017. Silver production for 3Q17 totaled 40,288 ounces (4,381 ounces contained within gold doré). The volume of silver production rose by 9.1 percent in nine months of 2017 as compared to the same period of 2016.
The AAM plans to produce 64-72,000 ounces of gold.
Based on a production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in southwest 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.