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Anglo Asian Mining reduces gold production in Azerbaijan

Business Materials 15 January 2021 11:49
Anglo Asian Mining reduces gold production in Azerbaijan

BAKU, Azerbaijan, Jan. 15

By Fidan Babayeva - Trend:

The total production of Anglo Asian Mining PLC, a gold mining company operating in Azerbaijan, decreased by 21.1 percent to 16,800 gold equivalent ounces in the fourth quarter of 2020, Trend reports citing the company's summary data.

In the fourth quarter of 2019, the mentioned figure was equal to 21,300 ounces, the report said.

At the same time, copper production amounted to 696 tons, decreasing by 4.5 percent over the year.

“The company produced gold in the volume of 13,530 ounces, an annual decrease of 24.4 percent. At the same time, 13,270 ounces were mined as part of the Dore alloy, 15 ounces - through the processing of SPUS, and 243 ounces - through flotation,” said the report.

“Silver production amounted to 33,020 ounces, having decreased by 20.8 percent compared to the same period of 2019. At the same time, 4,610 ounces were mined as part of the Dore alloy, 21,320 ounces - through the processing of SPM, and 7.08 ounces - by flotation,” said the company.

“Sales of gold bullion in the fourth quarter of 2020 amounted to 18,070 ounces, averaging $1,884 per ounce. The volume of supplies of copper concentrate to the consumer in the fourth quarter of 2020 amounted to 4,200 dry metric tons with a cost of $6.8 million, excluding the share of the profit of the government of Azerbaijan (for comparison: in the fourth quarter of 2019, 3,700 dry metric tons were sold for $6.8 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's portfolio includes an area of ​​1,962 square kilometers. The main area of ​​activity of the company is the Gadabay contract territory with an area of ​​about 300 square kilometers in the mountains of the Lesser Caucasus in the west of Azerbaijan.

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Follow the author on Twitter: @Fidan_Babaeva

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