Azerbaijan's gold production goes high

By AzerNews

The Anglo-Asian Mining plc which extracts precious metals in Azerbaijan increased its gold production.

Gold production increased by 32 percent in the first quarter of 2014.

The company produced over 11,300 ounces of gold from the Gadabay mine complex.

The figure was 8,585 ounces in the first quarter of 2013. The company sold 10,403 ounce at an average price of $1,303 per ounce during that period.

The company plans to produce 62,000-67,000 ounce of gold in 2014.

Meanwhile, processing at Gosha mine brought 1,095 tonnes of ore, 250 tonnes of which were sent for processing to Gadabay.

The company plans to produce 58,000 tonnes of ore in 2014, which will contribute to the production of about 10,000 ounce of gold.

Silver production totaled 3,890 ounce during this period, while cooper production increased by 50 percent compared to the previous quarter.

Anglo Asian CEO Reza Vaziri said, "We have taken some steps to maximize output and improve efficiencies, including initiatives such as commissioning the new continuous Knelson concentrator at Gadabay's agitation leaching plant to enhance gold recovery from high-copper sulphide ore and reduce cyanide consumption."

"In addition, copper production for the period has significantly increased due to improvements in the SART plant and the new dedicated SART management team on site, and we hope to see this trend continue during the rest of the year," he added.

Last year, Anglo-Asian Mining plc produced over 52,000 ounces of gold from the Gadabay mine complex, compared to 50,025 ounces in 2012. It also increased the sale of gold.

Anglo Asian Mining, a cash generative and profitable gold and copper mining and exploration company, started gold and silver production at the Gadabay mine in May 2009 and copper concentrate production in 2010.

The company has the rights to develop six deposits in the south-west of Azerbaijan - Gadabay, Ordubad, Gosha Bulag, Gyzyl Bulag, Vezhnali, and Soyutlu- under a production sharing agreement signed in August 1997 with Azerbaijan's government.

The gold and silver produced there are sent to Switzerland for refining, and gold bars are delivered to the country and preserved by the government.