Azerbaijan ramping up gold output
BAKU – Azerbaijan`s gold production increased 5.7 times in 2010 to 1.9 tons, the country’s statistics committee has said.
The South Caucasus republic launched gold output in July 2009 and produced 333 kg of the precious metal by the year-end.
Since last November, Azerbaijan has also been producing silver. Production volume made up 1.5 tons during the last two months of 2010.
Anglo Asian Mining PLC, which signed a production sharing agreement (PSA) with the Azerbaijani government in 1997, is the only producer of gold in the country.
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.
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