Gadabay mine produces 650 kg of gold in half-year

Anglo-Asian Mining plc, the main gold producer in Azerbaijan, produced 21,641 ounces (649.23 kg) of gold ore from the country`s Gadabay mine in the first half of 2012, the company said in a report.

9,925 ounces of the volume were extracted in the first quarter of the year and 11,716 ounces - in Q2.

9,883 ounces of the produced gold were sold for an average of $1,609 per ounce.

As for silver, 12,174 ounces of the precious metal were extracted from the Gadabay field in the first half-year, including 4,504 ounces in Q2.

For the whole year, Anglo-Asian Mining said, the field is projected to produce 54,000 ounces (1,620 kg) of gold, 26,000 ounces (780 kg) of silver and 720 tons of copper.

The Gadabay deposit holds an estimated 744,000 ounces of gold, 6,175,500 ounces of silver and almost 59,480 tons of copper.

Anglo Asian Mining has the rights to develop six deposits in the south-west of Azerbaijan - Gadabay, Ordubad, Gosha Bulag, Gyzyl Bulag, Vezhnali and Soyutlu - under a PSA agreement signed in 1997 with the Azerbaijani government.

The fields hold a total of about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper.