Anglo-Asian Mining announces gold and silver production in Azerbaijan

During the six months, Anglo Asian Mining produced delivered 32,501 equivalent ounces of total reportable production, Report informs.

That comprised 27,922 ounces of gold (18.8% decrease), 1,207 tonnes of copper (25.3% increase) and 58,529 ounces of silver( 30.8% decline).

Some 23,979 ounces of gold bullion were sold in half, at an average price of $ 1,649 per ounce, while the all-in sustaining cost (AISC) was marked at $ 743 per ounce.

The company is anticipating a stronger second half with better precious metal prices and higher production volumes. It targets full-year production of between 75,000 and 80,000 gold equivalent ounces and expects to generate over $ 100 mln of revenue for the twelve months.

Anglo-Asian Mining is engaged in Azerbaijan production under the PSA (Production Sharing Agreement) signed on August 21, 1997. Azerbaijan’s share in the agreement is 51%, “Anglo-Asian Mining Plc.” The company’s share is 49%. The first gold production (in the Gadabay field) began in 2009. Gedabek is an open-pit mine with integrated mines. The company is also engaged in production at the Gosha underground mine, 50 km from the Gadir and Gadabay fields, and the newly discovered Ugur field.