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Anglo Asian Mining decreases sale of gold mined in Azerbaijan

Business Materials 18 July 2018 13:34 (UTC +04:00)

Baku, Azerbaijan, July 18

By Azad Hasanli – Trend:

In the second quarter of 2018, Anglo Asian Mining PLC (AAM), a producer of gold, copper and silver in Azerbaijan, sold 10,822 ounces of gold mined in Azerbaijan for $14.1 million, according to the company report.

The company sold 10,822 ounces at an average of $1,307 per ounce in the second quarter of 2018, compared to 7,406 ounces at an average of $1,258 per ounce in the second quarter of 2017.

For comparison, in the first quarter of 2018, AAM earned about $19 million on the sale of gold.

During the reported period, the revenues from the sale of copper concentrate amounted to $4.2 million, which is 2.5 times more than in the first quarter of 2018.

In the second quarter of 2018, the company extracted 1,736 dry metric tons of copper concentrate.

The sale statistics doesn’t include 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.

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Follow the author on Twitter: @AzadHasanli

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