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Azerbaijan to increase gold production by 20% this year

07 February 2013 08:18 (UTC +04:00)

Baku – APA-Economics. Azerbaijan International Mining Operating Company (AIMOC), led by Anglo Asian Mining plc. plans to increase gold extraction in Gadabay deposit by 19.5% from 1.56 tonnes up to 1.87 tonnes or 60,000 ounces. According to information, an ounce of gold is expected to make $400-500 in 2013.

In first half of this year, the company intends to construct new enriching plant in Gadabay deposit. Thus, getting of gold from oxide and sulfides will be increased by 85% and 69%, respectively.

At the end of next year the company intends to reach the capacity up to 80-90,000 or 2.5-2.8 tonnes per year.

Besides, the company is going to build mine for underground gold extraction in Gosha deposit. The construction of this mine with capacity of 10-15,000 ounces or 0.3-0.5 tonnes per year will be started in the second half of 2013. The first product is considered to release in 2014. The ores from Gosha deposit will be processed at the plant in Gadabay.