Gold producer in Azerbaijan to up volume of drilling works
Baku, Azerbaijan, March 27
By Anvar Mammadov– Trend:
Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, will increase the volume of drilling operations at Gadabay field in western Azerbaijan, the company said on March 27.
The company reported that extensive drilling and other exploration works were carried out at mine and near mine targets mainly at Gadabay field. Particularly, 106 surface core drill-holes completed totalling 13,681 metres, 115 reverse circulation drill-holes completed totalling 7,870 metres and 3 underground HQ/NQ size underground core drill-holes completed totalling 5,042 metres.
Meanwhile, in 2018, it is anticipated that around 12,000 metres of reverse circulation, 17,500 metres of surface core and 14,000 metres of underground core drilling will be carried out under the new three-year exploration program.
Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.
AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field 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 delivered to Azerbaijan and are stored in the government’s account.
In 2017, AAM produced 59,617 ounces of gold, 1,991 tons of copper and 172,853 ounces of silver in Azerbaijan. This year the company plans to produce 84,000 ounces in gold equivalent.