Anglo Asian Mining increases gold production in Azerbaijan
Baku, Azerbaijan, July 17
By Azad Hasanli – Trend:
Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, produced 33,255 ounces of gold in the first half of 2018, which is 43 percent more than in the same period of 2017, according to the company report.
The copper production during the reporting period amounted to 587 tons, which is 2.25 times less than in the first half of 2017 (1,322 tons).
During the reporting period, the silver production was 84,785 ounces compared to 85,087 ounces in the same period of 2017 (showing an annual decrease at the level of 0.36 percent). Of the total figure, 7,109 ounces were contained in dore.
In 2018, AAM plan to produce up to 84,000 ounces of gold.
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.
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