BAKU, Azerbaijan, January 16. Anglo Asian Mining Plc (AAM) has recognized a significant reduction of output in Azerbaijan in its financial report of 2023 and review for the fourth quarter and named the reasons behind the decline, Trend reports.
According to the document published by the company, total production in fiscal 2023 was 31,821 ounces of gold equivalent (GEO, mid-range).
In 2022, the figure was 57,618 ounces of gold equivalent.
"Production during the annual period was significantly reduced, in particular, due to the suspension for the environmental assessment (audit) and awaiting its outcome. A follow-up plan was agreed with the government of Azerbaijan on November 7, 2023, and the company resumed production at Gadabay in December 2023," the company said.
The press release said that of the total production in 2023, gold accounted for 21,758 ounces against 43,114 ounces for 2022.
Silver production in 2023 fell to 53,226 from 182,046 ounces in 2022.
Copper accounted for 2,138 tons against 2,516 tons in 2022.
Environmental audit at AAM's key deposit - Gadabay was conducted by Micon International Ltd following the order of the Azerbaijani government.
Anglo Asian Mining Plc is a gold, copper, and silver producer with a broad portfolio of production and exploration assets in Azerbaijan. The company's portfolio includes an area of 1,962 square kilometers. Operations in the country are carried out based on a contract signed in 1997. The first gold output was recorded in the spring of 2009.
