TODAY.AZ / Business

Precious metals extraction grows

17 January 2019 [14:13] - TODAY.AZ

By Azernews

By Narmina Mammadova

The British Anglo-Asian Mining Plc. company, engaged in the gold, silver and copper extraction in Azerbaijan, increased the gold production in Gadabay by 17 percent to 83,736 in 2018, the company said.

During the reporting period, the company mined 72,798 ounces of gold, 1,645 tons of copper, 210,184 ounces of silver. Gold production increased by 22 percent, silver - by 21.6 percent, while copper production decreased by 17.4 percent.

In the fouth quarter of the year, gold production declined by 17 percent in annual comparison and amounted to 18,209 ounces, silver production increased by 39 percent to 65,822 ounces, copper mining by 5 times, reaching 588 tons.

In 2018, 59,481 ounces of gold ingots were sold, an average of $ 1,265 per ounce. In 2017, 43,496 ounces of gold ingots were sold at an average price of $ 1,265 per ounce.

In 2018, the volume of production from Gadabay deposits was predicted to be 78,000-84,000 ounces in gold equivalent.

Anglo Asian Mining plc, the UK gold, copper and silver producer in Azerbaijan, paid a dividend of $3.4 million to its shareholders in September-December 2018, the company’s annual review said.

The dividend of $0.03 per share was paid in November 2018.

As of October 8, 2018, the number of company's ordinary shares  totalled 114,392,024 with 43.44 percent owned by 6 shareholders – Reza Vaziri, Governor John Sununu, Limelight industrial developments, Khosrow Zamani, Richard Round, Prof John Monhemius. 

Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.

Anglo-Asian Mining produces gold in Azerbaijan within the framework of the PSA (Production Sharing) agreement, signed on August 21, 1997. The share of Azerbaijan in the contract is 51 percent, the British company Anglo Asian Mining Plc. - 49 percent. The first gold mining at the Gadabay deposit began in 2009.

Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

The extraction of the first gold at the Gadabay deposit began in 2009, the extraction of silver - in 2010.


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