Azerbaijani gold producer eyes to draw production costs down

The Anglo-Asian Mining (???) Company, a gold producer in Azerbaijan is considering lowering the production cost of gold ounces until the end of the current year, according to a statement of the company.

'In accordance with the signed agreement on the supplementary delivery of copper concentrate, the company management expects a reduction in the cost of gold production to 450-500$ per ounce', AAM said in a statement.

Firstly, the company announced a deal on supplying an additional 750 tons of copper concentrate to U.S. firm Seagate Minerals and Metals Inc

Anglo Asian Mining has the right of exploration and production of mineral resources in an area of about 2000 square kilometres consisting of three contract areas of Gosh, Gedabey and Ordubad under the terms of the Production Sharing Agreement with the Government of Azerbaijan (PSA),

The resource base of the company exceeds 36 tonnes of gold, 292 tonnes of silver and 94.000 tonnes of copper. The largest field developed by Anglo Asian Mining, is the Gadabay Complex Mine. The first gold and silver were mined there in May 2009 and the production of copper concentrate has been working since 2010.


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