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Anglo Asian Mining increases gold production in Azerbaijan

Anglo Asian Mining increases gold production in Azerbaijan

Wed Apr 10 2019


In the 1Q2019, Anglo Asian Mining (AAM) mined 17,245 ounces of gold in Azerbaijan, which is 4.6 percent more compared to the same period in 2018, Trend reports referring to the company.


Copper production over the same period doubled from 255 to 513 tons, and silver production increased by 26.4 percent to 51,295 ounces.


The sale of gold bars brought the company about $17.1 million in the 1Q2019 (13,121 ounces, with an average price of $1,306 per ounce). In the 1Q2018, the company sold 14,956 ounces of gold at an average price of $1,328.


Also, during the 1Q2019, 279 dry metric tons of copper were sold, with a total value of about $0.7 million (excluding the share of the government of Azerbaijan). In January-March 2018, sales were significantly higher - 608 dry metric tons with a total value of 1.8 million dollars.


In 2019, Anglo Asian Mining (AAM) plans to extract 82,000-86,000 ounces in gold equivalent in Azerbaijan, which is a record production volume for the company. As the company noted, 65,000-67,500 ounces of this amount will be gold.


In 2018, AAM mined 83,736 ounces in gold equivalent in Azerbaijan. Actual gold production in 2018 was 72,798 ounces.


AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper 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 are stored in the government's account.


Source: https://www.marketwatch.com/