Anglo Asian Mining ups sale gold mined in Azerbaijan

Baku, Azerbaijan, April 16

By Anvar Mammadov– Trend:

In the first quarter of 2018, Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, sold 14,956 ounces of gold mined in Azerbaijan for $19.86 million, according to the company report.

The company sold 14,956 ounces at an average of $1,328 per ounce compared to 8,283 ounces (for $10.11 million) at an average of $1,220 per ounce in the first quarter of 2017.

During the reported period, the revenues from the sale of copper concentrate amounted to $1.7 million, which is 2.5 times less than in the first quarter of 2017.

In 2017, the company extracted 1,042 dry metric tons of copper concentrate containing 255 tons of copper, 741 ounces of gold and 33,470 ounces of silver.

The sale statistics not includes the share of the Azerbaijani government.

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.

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