Azernews.Az

By Nigar Abbasova

Anglo Asian Mining, a producer of precious metals in Azerbaijan, has reduced its expenditures for the production of one ounce of gold by 18 percent since early 2016.

The company, which possesses a broad portfolio of production and exploration assets in the country, has managed to reduce the amount from $858 to $703 per ounce, Trend reports.

Moreover, the company seeks to commission a new electrical substation and connect relevant infrastructure at the Gadabay field to the central power-supply system.

The operation of the infrastructure is currently provided by means of diesel generators, while the substation will allow the company to reduce its annual expenditures to $1.8-2 million.

The company produced nearly 49,874 ounces of gold, 1,363 tons of copper and 114,915 ounces of silver in January-September 2016.

The production target of the company for 2016 is 73,000 to 77,000 ounces of gold and 1,700 to 2,100 tons of copper.

Gadabay is the main mine site of the company and the location of its processing operations. The company is authorized to implement mine operations at six Azerbaijani fields, including Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Venjali, Soutlu.

The company carries out its operation under PSA agreement signed with the government of Azerbaijan in August 1997.

A new flotation plant of the company started production in November 2015. The plant is engaged in the production of copper and precious metal concentrate.

Azerbaijan is known as a gold producing country in Eurasia region. With most of its gold resources still untapped, the country has a room for investors in the mining industry.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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