Industry and Energy

Home page

Industry and Energy

Azerbaijan increases gold production

06 April 2011 13:50 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Gold output at Anglo Asian Mining’s flagship Gedabek gold/copper mine in Azerbaijan totalled 14,028 ounces in the first quarter - 3% up on last year.

The firm’s production target is a minimum of 60,000 ounces of gold for the year to the end of December from heap leach operations.

The target does not include additional SART copper, silver and gold production.

Anglo Asian said there was a significant increase in copper and silver production from SART operations - 104 tonnes of copper, 762 kg/26,879 oz of silver and 2.3 kg/81 oz gold produced during the quarter.

And it said the first 400 tonnes of copper concentrate had arrived at the refinery and was awaiting final assay before sales value was agreed.

The firm also said that outstanding loans had been reduced from $30.6m at the end of December to $22.0m at the end of March.

CEO Reza Vaziri said: "I am extremely pleased with the Company’s progress and believe that our target of producing a minimum 60,000 ounces of gold by the end of 2011 is highly achievable.

"In tandem with this, robust gold prices have hit an average of $1,385 per ounce, whilst the SART operation is also delivering improving copper and silver production - all of which bode well for the company’s bottom line."