Anglo Asian Mining has decreased its forecast for gold output in 2016 after the gold quality at Gadir mine dropped.
This year the gold output target has been decreased to 67-69 thousand ounces from 69-71 thousand ounces.
The company also reported that the Gedabek project had been connected to the National power system of Azerbaijan, leading to considerable decrease in expenses. This year Anglo Asian Mining intends to save some $2.3 million.
“Even though we have decreased our year target by 2 thousand ounces, the recent return to profitability will be supported by the drop of expenses thanks to the connection to the power grid”, the company executive director Reza Vaziri said. (Ukrainian metal)