Anglo Asian Mining may start production at new fields in Azerbaijan

Anglo Asian Mining PLC (AAM), a gold producer in Azerbaijan, plans to begin production at new deposits in the country, the company told Trend.

According to the information, electromagnetic intelligence revealed that there is a new field in the vicinity of Gadabay. "It also shows that there is great potential in Ordubad, and the geological team is working on it," the company said.

Anglo Asian Mining produced 34,394 ounces of gold in the first half of 2019, which is 3.3 percent more than the same period last year.

Moreover, 963 tons of copper (39-percent increase) and about 84,580 ounces of silver (0.3-percent decrease) were mined during the first six months of 2019.

Anglo Asian Mining PLC has the right to develop six deposits in southwestern Azerbaijan including Gadabay, Ordubad, Goshabulag, Gizilbulag, Vejnali and Soyudlu on the basis of a PSA-type agreement signed with the Azerbaijani government in August 1997.

In May 2014, Anglo Asian Mining and the Swiss group Industrial Minerals SA signed a three-year agreement to sell copper concentrate mined at the Gadabay field in Azerbaijan.

The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and stored in the government’s account.