Revenues of UK’s Anglo Asian Mining company that operates Azerbaijan’s gold mining fields is projected at $100,000,000, the company’s CEO Reza Vaziri has said, while disclosing the company’s revenue and production guidance for 2020.
“We expect that the company’s revenue in 2020 will increase significantly and exceed $100 million at current prices for precious metals. Despite a slight decrease in production due to a decrease in production at the Ugur mine, the increase in metal prices observed so far should allow the company to maintain its financial performance,” Vaziri said.
The company plans to produce 75,000-80,000 ounces of precious metals and 65,000 to 67,000 ounces in Azerbaijan in 2020. The projected copper production amounts from 2,200 to 2,400 tons in the current year.
“Future growth in both production and our resources and reserves continue to be highly important to Anglo Asian. We are continuing at pace with our exploration program to identify possible further production expansion in our three existing contract areas. In this respect, we have recently released the highly encouraging results from our exploration program, which highlights their potential. We also continue to look at other opportunities for expansion. I look forward to keeping the market informed of future developments,” Vaziri said, while commenting on the company’s plans in terms of expansion of the capacity in near future.
According to the data provided by the AAM in 2019, the company produced 81,399 ounces of metal in Azerbaijan, as well as 70,098 ounces of gold. Thus, the company will reduce its metal production from 1.7% to 7.9% in 2020. At the same time, the decline in gold production may range from 4.4% to 7.3%.
AAM also disclosed the production amount for 2019 in gold and copper mines. Gold production reached 70,098 ounces in 2019, whereas copper production amounted to 2,210 tons last year.
AAM informed that the production guidance had been calculated using the following metal prices used for the 2020 budget: gold – $1,480 per ounce, silver – $17 per ounce, and copper – $5,700 per ton. (AzerNews/Ukrainian metal)