Today.Az » Business » Anglo Asian Mining to start gold production in new fields
20 September 2019 [16:42] - Today.Az
By Rasana Gasimova
Mining industry is one of the leading sectors in Azerbaijan’s economy. It holds the largest share in the industrial production of the country.
Gold producer in Azerbaijan - Anglo Asian Mining Company is planning to start gold production in new fields, Trend reported, referring to the company.
Electromagnetic prospecting showed that there’s a new field in the vicinity of Gadabay.
“It also shows that Ordubad has a great potential. Our geological team is working on it,” a source within the company said.
Anglo Asian Mining has produced 34,394 ounces of gold in the first half of 2019, which is 3.3 percent more compared to the same period in 2018.
963 tons of copper (a 39 percent increase), about 84,580 ounces of gold (a 0.3 percent decrease) were produced over the first six month of 2019.
Under the production sharing agreement signed with Azerbaijani government in August 2017, Anglo Asian Mining PLC company has the right to develop six fields in the south-west of Azerbaijan. These are Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. Under the agreement, 400 tons of gold, 2,500 tons of silver and 1,500 tons of copper are expected to be extracted from these deposits.
Anglo Asian Mining and Swiss Industrial Minerals SA company signed a three-year agreement to sell copper concentrate mined at the Gadabay field. The companies signed the second agreement for sale of copper concentrate produced in the company's flotation plant in March 2016, which was valid until late 2018.
Gold mined in the fields is sent to Switzerland for refining. Ingots are shipped to Azerbaijan and stored in government’s account.
Azerbaijan, a country rich in mineral resources, started industrial production of gold in July 2009. About 900 fields were registered in Azerbaijan's state and territorial balance of reserves of mineral resources.
A total of 4,238 kilograms of gold and 2,671 kilograms of silver was produced in the country in 2018.
The Ministry of Ecology and Natural Resources estimates that the country is able to produce about 10-15 tons of gold per year.