Silver production to grow in second half-year
By Nigar Orujova
Anglo Asian Mining, a company extracting precious metals in resource-rich Azerbaijan, produced 63 tons of copper, 8,322 ounces of silver and 12 ounces of gold in the Sulphidisation, Acidification, Recycling, and Thickening SART processing operations in the second half of 2013, the company reported on its website.
According to the report, the company produced 93 tons of copper and 9,875 ounces of silver in the first quarter of this year.
"Despite the relative decline of rates, the company hopes for the growth of production volumes in the second half of the year, which will be related to the commissioning of the vat leaching plant," the report said.
The company borrowed $45 million from the International Bank of Azerbaijan for the vat leaching plant. At the same time, a $2.3 million short-term loan was taken from the IBA. Total amount of the company's debt is estimated at $47 million for June 30, 2013.
"We were delighted to announce the successful commissioning of our new agitation leaching plant at Gedabek in June," Anglo Asian Mining head Reza Vaziri said. "In its first few weeks of operation, it processed ore at a rate of 67 tonnes per hour and produced 3,035 ounces of gold. We expect to ramp up the processing rate at the plant during the second half of 2013 to 100 tonnes of ore per hour and we are confident that this in conjunction with our existing heap leach operation, will produce 42,500 and 60,000 ounces of gold for the second half of 2013 and the full year 2013 respectively."
The company produced 50,215 ounces of gold, 20,133 ounces of silver and 502 tons of copper in Gadabay field in 2012.
Anglo Asian Mining, a cash generative and profitable gold and copper mining and exploration company, started gold and silver production in May 2009 and copper concentrate production in 2010 at the Gadabay mine.
In 2012, the company produced 50,215 ounces of gold, 20,133 ounces of silver and 502 tons of copper from the Gadabay field.
The company has the rights to develop six deposits in the south-west of Azerbaijan -- Gadabay, Ordubad, Gosha Bulag, Gyzyl Bulag, Vezhnali and Soyutlu, under a production sharing agreement signed in August 1997 with Azerbaijan's government.
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.