“Anglo Asian Mining PLC”, the British company producing gold, silver and copper in Azerbaijan, revealed its indicators for the first half of 2024, APA-Economics reports.
The company produced 5,270 gold equivalent ounces (GEOs) of the precious metal in the first half of 2024. This is 77.5% less in comparison with the corresponding period of last year. In the first half of 2023, this figure was 23,391 ounces.
“Anglo Asian” produced 4,704 ounces of gold in January-June this year, which is 3.1 times less in comparison with the same period of last year (14,623 ounces of gold in the first half of 2023).
The company’s copper production fell from 1,870 tons to 100 tons in the last year. Silver production dropped from 44,696 ounces in the first half of 2023 to 12,746 ounces in the first quarter of this year.
Rza Vaziri, chief executive officer of Anglo Asian Mining, attributed the sharp decline to the partial suspension of processing: ‘Within the period, production significantly fell due to partial processing sto
ppages resulting in losses. Through strict cost control, the loss was minimized and resulted in an increase in net debt of less than two million dollars for the period.’
It should be noted that “Anglo-Asian Mining” is engaged in production in Azerbaijan within the framework of the PSA (Production Sharing Agreement) type contract signed on August 21, 1997. Azerbaijan’s share in the contract is 51%, “Anglo-Asian Mining Plc.” company’s share is 49%.
Source: Azeri-Press news agency