Finance

Finance

Azerbaijani gold producer sees decline in profit

30 September 2013 12:51 (UTC +04:00)

Baku. Aynur Aliyeva – APA-Economics. In Q1 of 2013, Anglo Asian Mining plc, the main gold producer of Azerbaijan has produced 10,661 oz of silver (-19%) and 17,497 (-12.5%) oz of gold in Gedabek mine.

Gold sales of 14,229 oz of gold at an average of US$1,561 per oz completed for the quarter, down $83 oe 5% from earlier year. Running costs for each oz made $564, down $203 or 26.5% compared to last year.

deputy executive director of the company Khosrov Zamani noted that in Q1 of 2012 total revenues of Anglo Asian Mining plc decreased by 8% to $27.6 mln. Net profit dropped 42.5% to AZN 3.8 mln.

zamani added that in the second quarter of 2013, increase in production and profitability in Gedabek mine and development of Goha mine is expected to boost the gold production: “We plan to extract 42,500 oz of gold and 420 tonnes of copper in the second quarter. Our target it to produce 60,000 oz of gold this year”.

Last year, the company produced 50,215 oz of gold.