AAM wraps up 2014 with rising gold, copper production
By Nigar Orujova
Anglo Asian Mining, a company extracting precious metals in resource-rich Azerbaijan, wrapped up 2014 with an increase in gold and copper production.
The company’s production and operations update in fourth quarter and full year of 2014 shows that gold production for Q4 2014 increased to 17,053 ounces, copper production for Q4 2014 totaled 205 tons, and silver production for Q4 2014 totaled 3,749 ounces.
The whole year production of the company was 60,285 ounces of gold, which is 16 percent more than in 2013, when 52,107 ounces were produced.
Copper production rise was 140 percent, from 327 tons in 2013 to 784 tons in 2014. Meanwhile, silver production saw a 53 percent decrease from 65,939 in 2013 to 31,177 in 2014.
Anglo Asian CEO Reza Vaziri said: “We have achieved our latest target for both gold and copper in 2014 hope to continue the trend in 2015. I am also pleased to report that the construction of the small-scale flotation plant is progressing well and we have successfully agreed on terms for the full financing of its turnkey construction contract.”
“This small scale flotation plant will enable us to have a substantial increase in recoverable copper reserves contained within our latest ore reserve estimate,” he noted.
The construction of the small-scale flotation plant is well underway. Financing of the turnkey construction contract has already been finalized with the Pasha Bank providing the entire financing required of up to $2.7 million.
Last year, the company sold 50,615 ounces of gold at an average price of $ 1,267 per ounce.
The total amount of the company’s loan amounted to $52.8 million, of which $37 million was debts to Amsterdam Trade Bank, $13.1 million - International Bank of Azerbaijan, $0.8 million - the company "Atlas Copco", $0.9 millions - "Yapi Kredi", and $1 million - "Pasha Bank", on December 31, 2014.
The company has the right 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.
New gold deposits found
New gold deposits were discovered in Azerbaijan, the Ecology and
Natural Resources Ministry reported on January 20.
Minister Huseyngulu Bagirov said that at present a corresponding
work is underway for gold production at two fields.
“Aside from that, a few more gold deposits have been found. At
present, calculations are underway with regard to these fields.
Deposits were found mainly in the northwest of the Lesser
Caucasus,” he added.
Bagirov stressed the number of the discovered gold deposits in
Azerbaijan is steadily growing.