BAKU, Azerbaijan, January 15. Anglo Asian Mining Plc (AAM) plans to start production (mining) at Azerbaijan's Gilar metal deposit in the third quarter of 2024, Trend reports.
"The JORC's (Joint Ore Reserve Committee) mineral resource estimate for "Gilar" verified considerable quantities of copper and gold, namely 54,000 tons of copper, 255,000 ounces of gold, and 46,000 tons of zinc. "The development of Gilar is progressing, and production is expected to begin in the third quarter of 2024," the press release noted.
The company reported that specialized Caterpillar equipment has been delivered to the country for underground work at Gilar, and it will be "the first use of modern equipment of this type in Azerbaijan."
The equipment cost the company $4.7 million, and negotiations are underway to refinance its $3.7 million purchase.
"The completion of the first JORC-compliant mineral resource estimate for Gilar was an important milestone for AAM, confirming both internal assessments of the asset's potential and its ability to make a significant contribution to our production portfolio in Azerbaijan in the coming years," AAM emphasized in a report.
The company earlier released a report on the findings of drilling at the Gilar deposit (non-JORC classification) at the end of October 2023, estimating reserves of over 249,000 ounces of gold, 46,000 tons of copper, and 48,000 tons of zinc.
In December 2023, an international study using the JORC classification revealed that there are more resources at this deposit near Gadabey.
Anglo Asian Mining's primary business in Azerbaijan is concentrated in Gadabey, where precious metals mining has been underway since the spring of 2009.
AAM plans to commission such contract zones as Garadagh, Kharkhar, and Demirli (where non-ferrous metals are mined) in the coming years.
The company has already started the exploration of the Vejnali gold deposit in the Zangilan district in the territories liberated from occupation.
Gold bars produced in Azerbaijan are mainly exported by Anglo-Asian Mining to Switzerland, while copper is exported to Georgia, Uzbekistan, and Türkiye.
