Finance

Home page

Finance

Anglo Asian Mining's gold production in Azerbaijan sharply decreased

13 July 2023 17:00 (UTC +04:00)

Anglo-Asian Mining Plc. of Great Britain, which is engaged in gold, silver, and copper mining in Azerbaijan unveiled its financial report forFirst Half of 2023, APA-Economics reports.

The company was able to produce 23 391 ounces of precious metal which is 18,6% less than corresponding period of 2022.

12,422 ounces of total production is for the second quarter of the year (April-June). Anglo Asian, which focuses more on copper production, produced 1,860 tons of copper in the first half of 2023. In other words, the company's copper production increased by 42%.

The mining company's gold production continues to decline. Thus, the production of the company, which produced 20,906 ounces of gold in 2022, dropped to 14,608 ounces in the first half of 2023. In other words, gold production decreased by 30.1%.

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%.