British company spends $4.5mln on exploration of precious metals

25 February 2019 14:13 (UTC+04:00)

By Mirsaid Ibrahimzade

Anglo-Asian Mining Plc., a British company engaged in the gold, silver and copper extraction in Azerbaijan, invested $ 4.5 million in geological exploration for precious metals in 2018, according to the message of the company.

In 2019, the company plans to pay dividends to shareholders in the amount of not less than $0.06 for each share. In 2018, dividends for each share amounted to $ 0.03. It was noted that the payment of dividends for 2018 will be made in July after approval at the general meeting of the company on June 20.

As of October 8, 2018, the number of company's ordinary shares  totalled 114,392,024 with 43.44 percent owned by 6 shareholders – Reza Vaziri, Governor John Sununu, Limelight industrial developments, Khosrow Zamani, Richard Round, Prof John Monhemius. 

Anglo Asian Mining Plc. is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.

Anglo-Asian Mining produces gold in Azerbaijan within the framework of the PSA (Production Sharing) agreement, signed on August 21, 1997. The share of Azerbaijan in the contract is 51 percent, the British company Anglo Asian Mining Plc. - 49 percent.

Under the production sharing agreement, Anglo Asian Mining Plc. has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

The extraction of the first gold at the Gadabay deposit began in 2009, the extraction of silver - in 2010.

The company increased the gold production in Gadabay by 17 percent to 83,736 in 2018. During the period, the company mined 72,798 ounces of gold, 1,645 tons of copper, 210,184 ounces of silver. Gold production increased by 22 percent, silver - by 21.6 percent, while copper production decreased by 17.4 percent.

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.

Moreover, Azerbaijan is taking consecutive measures in the mining industry, which will ensure greater transparency and even greater attraction of foreign investment and its withdrawal from the Extractive Industries Transparency Initiative did not slow down the development of the country's mining industry.

Azerbaijan has its rich gold deposits. Gold mostly is produced in Dashkasan (AzerGold CJSC) and in Gadabay (Anglo-Asian Mining, Britain) regions of the country.

The Ministry for Ecology and Natural Recourses estimates that the country is able to produce about 10-15 tons of gold per year.

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