Anglo Asian Mining increases sales of copper concentrate produced in Azerbaijan
Baku, Azerbaijan, Jan. 16
By Azad Hasanli – Trend:
Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, sold almost 44,000 ounces of gold produced in Azerbaijan for $55 million, the company’s report said.
The company sold every ounce of gold at a price of $1,265 last year. In 2016, AAM earned about $66.76 million on gold sales.
The company sold copper concentrate last year for $16.78 million, which is 37 percent more than in 2016.
The largest volume of sales last year accounted for the second quarter of 2017 - $6.1 million. The company earned $4.22 million from copper concentrate sales in the first quarter, $5.48 million in the third quarter and $977,000 in the fourth quarter.
In total, the company produced 9,330 dry metric tons of copper concentrate last year. The gold content in the concentrate was 7,080 ounces, silver – 150,100 ounces, copper – 1,990 ounces.
The sales statistics excludes the share of the government of Azerbaijan.
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.
