Mining industry is one of the leading sectors in Azerbaijan’s economy. It holds the largest share in the industrial production of the country.
Gold producer in Azerbaijan – Anglo Asian Mining Company is planning to start gold production in new fields.
Electromagnetic prospecting showed that there was a new field in the vicinity of Gadabay.
“It also shows that Ordubad has a great potential. Our geological team is working on it,” a source within the company said.
Anglo Asian Mining produced 34,394 ounces of gold in the first half of 2019, up by 3.3% YoY.
963 tons of copper (+39%) and about 84,580 ounces of silver (-0.3%) were produced over the first six months of 2019.
Under the production sharing agreement signed with Azerbaijani government in August 2017, Anglo Asian Mining PLC company has the right to develop six fields in the southwest of Azerbaijan. These are Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. Under the agreement, 400 tons of gold, 2,500 tons of silver and 1,500 tons of copper are expected to be extracted from these deposits.
Anglo Asian Mining and Swiss Industrial Minerals SA company signed a three-year agreement to sell copper concentrate mined at the Gadabay field. The companies signed the second agreement for sale of copper concentrate produced in the company’s flotation plant in March 2016, which was valid until late 2018.
Gold mined in the fields is sent to Switzerland for refining. Ingots are shipped to Azerbaijan and stored in government’s account.
A total of 4,238 kilograms of gold and 2,671 kilograms of silver were produced in the country in 2018.
The Ministry of Ecology and Natural Resources estimates that the country is able to produce about 10-15 tons of gold per year. (AzerNews/Ukrainian metal)