British company's gold production in Azerbaijan decreased by 33%

British company
# 17 April 2023 16:08 (UTC +04:00)

Anglo-Asian Mining Plc of Great Britain which is engaged in gold, silver and copper mining in Azerbaijan, produced 6,741 ounces of gold in the first quarter of 2023, which is 32.8% less than in 2021.APA-Economics.

It was mentioned that in 2021 the company was able to produce 10,040 ounces of gold.

Anglo-Asian Mining was able to produce 22,566 ounces of silver and 847 tons of copper during this period. In other words, while silver production decreased by 2.2 times, copper production increased by 49%. In the first quarter of this year, the mining company's gold bullion sales decreased by 24% to 5,719 ounces, and the average selling price of gold decreased by 0.5% to $1,895. In the first quarter of 2022, Anglo Asian Mining sold 7,519 ounces of gold at an average selling price of $1,904.

As of March 31, Anglo-Asian Mining has gold and copper reserves worth USD 9.6 mln. The company also invested an additional $0.6 million in the mining company Libero Copper in January and February of 2023.

Note that Anglo-Asian Mining is engaged in production in Azerbaijan within the framework of the PSA (Production Sharing Agreement) signed on August 21, 1997. Azerbaijan's share in the contract is 51%, Anglo-Asian Mining Plc. company's share is 49%.