AAM launches gold and silver production at Ugur
By Kamila Aliyeva
Anglo Asian Mining PLC has launched production of gold and silver at the Ugur deposit, located in Gedabek.
Ugur is already making a highly significant contribution to Anglo Asian's production, the company’s press service reported.
“The average daily gold production in the form of gold doré for the period from 1 to 10 September 2017 was 212 ounces which is 116 percent higher than the average daily production for the previous eight months. This average daily production is expected to increase further as Ugur moves into full production,” according to the company.
The Ugur deposit, which was discovered in 2016, is located three kilometers to the north-west of the company's main fields.
The first work on mining at this field began in September 2016. According to preliminary estimates, Ugur has a total mineral resource of 199,000 ounces of gold and 1,049,000 ounces of silver.
In the first half of 2017, AAM produced 23,218 ounces of gold (a reduction of 31.4 percent per year), 1,322 tons of copper (an increase of 36.4 percent), and 85,087 ounces of silver (a decrease of 6.3 percent).
The company reconfirmed its production forecast of 64,000 to 72,000 of gold equivalent ounces in 2017.
Anglo Asian Mining plc is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.
Overall, Anglo Asian Mining PLC has the right to develop 6 fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu, in accordance with the Production Sharing Agreement (PSA) signed between RV Investment Group Services and the government of Azerbaijan.
The gold and silver produced there are sent to Switzerland for refining, and gold bars are delivered to the country and preserved by the government.
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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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