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Anglo Asian Mining company's revenues increase by 8 percent

23 September 2019 18:57 (UTC+04:00)
Anglo Asian Mining company's revenues increase by 8 percent

By Rasana Gasimova

Mining holds the largest share in the industrial production in Azerbaijan and the mining of precious metals such as gold and silver is increasing in volume in the country.

The total revenues of Anglo Asian Mining PLC, which develop six gold fields in Azerbaijan, amounted to $43.3 million in the first half of 2019. This is 8 percent higher compared to the same period in 2018 ($40 million), Trend reports referring to the company.

The company's net cash amounted to $15.2 million for the first half of 2019 compared to that of $6.1 million in December, 2018. This year's net cash were formed at the expense of cash in the amount of $20.4 million and debt of $5.2 million.

Pre-tax profit amounted to $10.3 million in the first half of 2019 versus $8.1 million in 2018.

Net cash flow from operating activities amounted to $ 14.5 million in the first half of the year, which is $10 million less than the same period last year, taking into account the payment of profit tax in the amount of $5.2 million and an increase in reserves by $4.7 million.

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 by the government.

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.

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