BAKU, Azerbaijan, Nov. 24
By Fidan Babayeva – Trend:
Anglo Asian Mining plc, the AIM listed gold, copper and silver producer focused in Azerbaijan, provides its updated guidance for its turnover and production at its Gedabek gold, copper and silver mining and production contract area ("Gedabek") in western Azerbaijan for the year ending December 31, 2020 ("FY 2020"), Trend reports referring to the company.
The company’s revised FY 2020 production guidance is between 68,000 to 72,000 gold equivalent ounces ("GEOs"). Previously, the company predicted production of 75,000-80,000 ounces of precious metals in gold equivalent in 2020.
This reduction is mainly due to some delays in underground development, resulting from the conscription of a number of engineering staff, together with slowed tunnelling progress due to underground rock faulting. The company can confirm that it is still on track to achieve turnover for FY 2020 of over $100 million.
The latest estimates of Gedabek open pit show that its service life will be eight more years in case of the current rate of production from the open pit. The economically viable ore reserves remaining in the open pit reach 284,000 ounces of gold and 26,000 tons of copper.
Currently, Anglo Asian Mining extracts gold, silver and copper from two open mines - Gedabek and Ugur in the Gedabek contract area and one underground mine - Gadir.