Anglo Asian Mining production volume grew in Azerbaijan last year

Business Materials 14 January 2020 19:08 (UTC +04:00)
Anglo Asian Mining production volume grew in Azerbaijan last year

BAKU, Azerbaijan, Jan. 14

By Eldar Janashvili - Trend:

In the fourth quarter of 2019, the total production volume of the Anglo Asian Mining PLC gold mining company operating in Azerbaijan increased by 1.7 percent to 82,800 ounces in gold equivalent (81,400 ounces in 2018), Trend reports with reference to the company.

Gold production amounted to 70,100 ounces, which is a decrease of 3.7 percent compared to 2018. At the same time, copper production amounted to 2.2 tons, increasing by 34.4 percent compared to 2018, silver production stood at 159,400 ounces, decreasing by 24.2 percent year on year, the report said.

Gold bullion sales in 2019 amounted to 54,100 ounces at an average at $1,410 per ounce (for comparison: in 2018, gold bullion sales amounted to 59,500 ounces at an average of $1,265 per ounce).

The volume of copper concentrate shipments to the customer in 2019 amounted to 10,300 dry metric tons with a sales value of $17.9 million, excluding the profit share of the Azerbaijani government (for comparison: 7,675 dry metric tons were sold in 2018 with a sales value of $15.4 million).

Anglo Asian Mining plc is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.

The company has a 1,962 square kilometer portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azerbaijani oil industry.

The company’s main operating location is the Gedabek contract area ("Gedabek"), which is a 300-square kilometer area in the Lesser Caucasus mountains in western Azerbaijan.