Gold mining up 21% in Azerbaijan
Monthly gold production in Azerbaijan increased 21.6% in January in
comparison with December 2009, said Anglo Asian Mining, which is
tapping the country’s Gadabay mine.
According to UK’s Proactiveinvestors news portal, Anglo Asian Mining has further increased its monthly gold production to 3,483 oz in January from its Gadabay mine from 2,863 oz in December.
Total production has now reached 14,848 oz since the mine started production in July 2009. The average gold sale price has also risen consistently during the seven months since production started. In January the average price reached $1,112/oz.
"We are delighted with the gold production increases seen over the past few months and hope that, having overcome the initial teething problems, this growth will continue", Anglo Asian CEO Reza Vaziri said. "Our focus is now on achieving full ramp-up of production at Gadabay, to realize the mine's potential and profit from being the first gold producer in Azerbaijan."
Anglo Asian said it anticipates ongoing increases in production during 2010, and is hopeful it will exceed its 25,000 production target for the first 12 months of operations to June 30, 2010. According to the statement, the plant's improved performance can be attributed to the operational initiatives put in place during the summer, which overcame initial start-up difficulties.
In October 2009, Anglo Asian appointed a new operations manager, Timothy van Zellar, to oversee the day-to-day production at Gadabay. He has over 30 years experience in the mining industry, having worked for many large scale mining operations in Africa and Central Asia.
The field is being tapped by the Azerbaijan International Mining Operating Company. The Gadabay mine is subject to a production sharing agreement with the government of Azerbaijan, which receives 12.75% of the gold until Anglo Asian’s costs are recovered in full, at which point the government is entitled to a 51% profit share. The PSA area covers six deposits, located in the Nakhchivan Autonomous Republic, the Tovuz and Gadabay regions as well as three regions that are currently under Armenian occupation. The fields hold about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper.*
According to UK’s Proactiveinvestors news portal, Anglo Asian Mining has further increased its monthly gold production to 3,483 oz in January from its Gadabay mine from 2,863 oz in December.
Total production has now reached 14,848 oz since the mine started production in July 2009. The average gold sale price has also risen consistently during the seven months since production started. In January the average price reached $1,112/oz.
"We are delighted with the gold production increases seen over the past few months and hope that, having overcome the initial teething problems, this growth will continue", Anglo Asian CEO Reza Vaziri said. "Our focus is now on achieving full ramp-up of production at Gadabay, to realize the mine's potential and profit from being the first gold producer in Azerbaijan."
Anglo Asian said it anticipates ongoing increases in production during 2010, and is hopeful it will exceed its 25,000 production target for the first 12 months of operations to June 30, 2010. According to the statement, the plant's improved performance can be attributed to the operational initiatives put in place during the summer, which overcame initial start-up difficulties.
In October 2009, Anglo Asian appointed a new operations manager, Timothy van Zellar, to oversee the day-to-day production at Gadabay. He has over 30 years experience in the mining industry, having worked for many large scale mining operations in Africa and Central Asia.
The field is being tapped by the Azerbaijan International Mining Operating Company. The Gadabay mine is subject to a production sharing agreement with the government of Azerbaijan, which receives 12.75% of the gold until Anglo Asian’s costs are recovered in full, at which point the government is entitled to a 51% profit share. The PSA area covers six deposits, located in the Nakhchivan Autonomous Republic, the Tovuz and Gadabay regions as well as three regions that are currently under Armenian occupation. The fields hold about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper.*
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!