(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 25. Anglo Asian Mining
PLC [Public Limited Company], the AIM (Alternative Investment
Market) listed gold, copper, and silver producer, has upgraded its
forecast on the production of precious metals in Azerbaijan for
2023, the company's press service told trend .
"This year, we expect the production of precious metals at the
level of 50,000-54,000 ounces in gold equivalent, as well as 4,100
to 4,300 tons of copper and 30,000-32,000 ounces of gold," the
press service said.
According to the press service, 2023 is a pivotal year for the
company as it begins its transition to achieve significant copper
production with the opening of its new "Gilar" and "Zafar"
Copper production is forecast to increase by 63 to 71 percent
and gold production to decrease by 26 to 30 percent due to the
company's growing focus on copper, capitalizing on the global
de-carbonization agenda, the press service noted.
As previously announced, capacity at the flotation plant [in
Gadabay] will double in 2023 as a result of an investment of
approximately $3 million.
According to the company, copper-rich ore from the Gadabay open
pit will be used as feedstock for the flotation plant during
The company also shared its plans to start processing gold on
"Gilar" deposits in the fourth quarter of 2023.
Besides, the company noted that a minimal amount of ore will be
processed from the "Vezhnali" and "Gosha" deposits in 2023.
"The recent decision to fast-track the "Gilar" into production
has required redeployment of resources away from these two
projects," added the company.
The main activity of Anglo Asian Mining in Azerbaijan is focused
in Gadabay, and this year the "Zafar" deposit is planned to be
commissioned in the Gadabay district. In addition, in the coming
years, Anglo Asian Mining plans to put into operation such contract
zones as "Garadagh", "Kharkhar" and "Damirli". On the liberated
territories, the company has already started the exploration of the
"Vezhnali" gold deposit in the Zangilan district.
Anglo Asian Mining mainly exports gold bars produced in
Azerbaijan to Switzerland. Meanwhile, copper is exported to
Georgia, Uzbekistan, and Türkiye.
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