Baku, Azerbaijan, Jan. 16
By Azad Hasanli – Trend:
Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, produced 71,461 ounces of gold in 2017 that is one percent less than in 2016, says the company’s report posted on its website.
The company produced 14,577 ounces of gold in 1Q17, 15,985 ounces of gold – in 2Q17, 17,714 ounces of gold – in 3Q17 and 23,185 ounces of gold - in 4Q17. The significant increase in Q4 2017 was due to the commencement of production in September from the new Ugur open pit mine.
Copper production totaled 1,991 tons in 2017 that is 2.58 percent more than in 2016 (1,941 tons).
Meanwhile, 172,853 ounces of silver were produced in the country in 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 planned to produce up to 72,000 ounces of gold in 2017.
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.