Baku, Azerbaijan, Nov. 24
By Azad Hasanli - Trend:
The Anglo-Asian Mining company (AAM) has produced the first 125 tons of crude copper at the new flotation plant in Gadabay district of Azerbaijan, said the message of the company Nov.24.
The copper will be sold to Industrial Minerals SA within the framework of the existing contract, according to the message. Industrial Minerals SA will purchase both dry and wet copper concentrate.
AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field. The contract signed for the period of three years envisages the purchase of copper concentrate by the Swiss company.
The first 62 tons of crude copper have already been sent to the company November 22 and the remainder will be delivered within a week.
As many as 62 tons of crude copper contains about 8.9 tons of copper, 27 ounces of gold and 1,275 ounces of silver, and its market value is about $89,000.
The AAM Director General Reza Vaziri said that the sale of copper produced at the new plant is an important part of the company's plan to return its profitability.
The production capacity of the plant is 150 tons per week, according to the message. It is expected that it will be gradually increased up to 90 tons per hour.
The company produced 54,103 ounces of gold, 634 tons of copper and 10,916 ounces of silver in Jan.-Sept. 2015. ААМ plans to produce 74,000-75,000 ounces of gold by late 2015.
Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: 'Gadabay', 'Ordubad', 'Gosha Bulag', 'Gizil Bulag', 'Vejnali' and 'Soyutlu'.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and stored in the government's account.
