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British company increases gold sales from Azerbaijan

14 April 2025 12:52 (UTC +04:00)

The British company Anglo Asian Mining PLC (AAM), which produces gold, silver, and copper in Azerbaijan, increased its gold bar sales by 21% in the first quarter of this year, reaching 4,753 thousand ounces, APA-Economics reports citing the mining company.

According to the data, the average sales price of gold accounted for 2,843 USD per ounce. In the January-March period of last year, the company's average sales price for gold was 2,080 USD per ounce.

In other words, AAM earned USD 13.5 million from gold sales this year, which is 65.4% or USD 5.3 million more than the same period last year.

It was noted that as a result of the full recovery of processing during the quarter, a positive cash flow of USD 1 million was recorded. The company's net debt, including a USD 5.0 million advance received from Trafigura, amounted to USD 13.8 million as of March 31, 2025 (compared to USD 14.8 million on December 31, 2024). The value of "Anglo Asian" reserves as of March 31, 2025, is USD 7.1 million , which is 77.5% more in comparison with the beginning of the year.

Recall that the PSA (Production Sharing Agreement) contract, signed on August 21, 1997, envisages the development of six deposits. Under the agreement, Azerbaijan's share is 51%, and Anglo-Asian Mining Plc. has a 49% share.