Anglo Asian Mining reveals plans for gold production in Azerbaijan
Baku, Azerbaijan, Sept. 12
By Sara Israfilbayova - Trend:
Anglo Asian Mining PLC (AAM), a gold, copper and silver producer in Azerbaijan, plans to produce 82-86,000 ounces of gold in Azerbaijan by the end of 2019, a source in the company told Trend.
The source also noted that the company plans to start operations in two other countries, adding that the negotiations are underway.
In the first half of 2019, the company produced 34,394 ounces of gold, which is 3.3 percent more than in the same period last year.
In the first six months of this year, 963 tons of copper (an increase of 39 percent), and about 84,580 ounces of silver (a decrease of 0.3 percent) were produced.
AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling copper 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 stored in the government’s account.