Anglo Asian’s Azerbaijan gold output fell 1.2% in 2017

David McHutchon | January 17, 2018 | Views: 122

 Azerbaijan’s top gold producer, Anglo Asian Mining, said on Tuesday its yearly output had fallen 1.2% in 2017 to 71 461 oz, still within its target range of 64 000 to 72,000 ounces.

The London-listed firm said copper production rose 2.6% to 1 991 t, and silver output rose 4.7% to 172 853 oz.

Anglo Asian started a significant exploration programe at the end of 2016 after making a new gold discovery at Ugur, 3 km from its Gedabek processing facilities.

Gold bullion sales in 2017 totalled 43 496 oz at an average price of $1 265/oz, down from 53 281 oz sold in 2016 at an average of $1 253/oz.

Gold is produced at Gedabek and other Azeri mines under a production venture in which Anglo Asian holds 51% and the state the remainder.

Anglo Asian began production at Gedabek, 350 km west of the capital Baku, in July 2009 with plans to extract 22 t of gold. Overall, Anglo Asian plans to exploit seven mines in western Azerbaijan with estimated gold reserves of 430 t.

Source: Mining Weekly

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