Azerbaijan's Anglo Asian Mining reveals revenue forecast for this year
BAKU, Azerbaijan, Sept.26
By Fidan Babayeva - Trend:
Revenues of Anglo Asian Mining PLC, the gold, copper and silver producer focused in Azerbaijan, may exceed $100 million in current precious metals prices, Trend reports citing the company.
The company’s gold production for the first half of this year amounted to 27,920 ounces, copper – 1,207 tons, and silver – 58,530 ounces.
As reported, the volume of gold mining decreased by 18.8 percent, copper - by 25.3 percent, and silver - by 30.8 percent.
In 1H2020, the company sold 23,980 ounces of gold bars, the average selling price of which was $1,650 per ounce.
Anglo Asian Mining PLC develops six deposits in southwestern Azerbaijan including Gadabay, Ordubad, Goshabulag, Gizilbulag, Vejnali and Soyudlu on the basis of a PSA-type agreement signed with the Azerbaijani government in August 1997.
Anglo Asian Mining and the Swiss group Industrial Minerals SA signed a three-year agreement to sell copper concentrate mined at the Gadabay field in Azerbaijan in May 2014. The second contract was signed in March 2016.
The gold produced in the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and stored in the government’s account.
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