Anglo Asian Mining to increase gold production in Azerbaijan

Business Materials 6 February 2018 20:47 (UTC +04:00)

Baku, Azerbaijan, Feb. 6

By Azad Hasanli – Trend:

Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, plans to produce 78-84,000 gold equivalent ounces in 2018 that is, on average, 13 percent more than in 2017, the company said in a message.

The AAM produced 71,461 ounces of gold in 2017.

The company forecasts that gold production will total 64-70,000 ounces and copper production will stand at 2,100-2,300 tons in 2018.

Increase in total anticipated production during 2018 resulting from the optimization initiatives undertaken at Gadabak field in 2017, with continuation of production from the new Ugur open pit and Gadir underground mines and recommencement of mining in the Gadabak main open pit.

Start-up of second crusher line for the flotation plant in 2Q18 will enable copper production to increase, according to the company’s message.

AAM produced 59,617 ounces of gold, 1,991 tons of copper and 172,853 ounces of silver in Azerbaijan in 2017. The company planned to produce 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.