Anglo Asian Mining significantly increases gold production in Azerbaijan
Baku, Azerbaijan, Jan. 16
By Taleh Mursagulov - Trend:
Anglo Asian Mining PLC (AAM), a producer of gold in Azerbaijan, produced 83,736 gold equivalent ounces in 2018, which is 17 percent more than in 2017, Trend reports referring to a report of the company.
During the reporting period, 72,798 ounces of gold were produced, which is 22 percent more than in 2017.
In 1Q2018, the company produced 16,479 ounces of gold, in 2Q2018 - 16,764 ounces, in 3Q2018- 21,318 ounces and in 4Q2018 - 18,209 ounces.
The copper production during the reported period amounted to 1,645 tons, which is 17.38 percent less than in 2017 (1,991 tons).
In 2018, the silver production was 210,184 ounces compared to 172,853 ounces in the same period of 2017 (showing an annual increase by 21.6 percent).
In 2018, AAM planned to produce 70,000 ounces of gold.
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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