BAKU, Azerbaijan, January 16. Anglo Asian Mining Plc (AAM) sold 15,800 ounces of gold bars on world markets in 2023, which is 54.8 percent less than 2022 and was associated with a temporary decrease in production due to an environmental audit, Trend reports via the company's annual report.
Nevertheless, thanks to high global gold prices, the company sold an ounce of gold bars at an average price of $1,951 in 2023.
In 2022, the company sold gold bars at an average price of $1,783 per ounce.
In the fourth quarter of 2023, AAM managed to sell 1,000 ounces of gold bars at an average price of $2,001 per ounce through the gold hedging program, generating additional revenue of $44,000.
In early January, the company sold 1,500 ounces of gold bars at a price of $2,061.5 per ounce.
As of December 31, 2023, the company had gold reserves in bars with a market value of $7.1 million, silver in bars amounting to $6.9 million, and copper concentrate amounting to $0.2 million.
In 2023, the company produced 12,223 tons of copper concentrate (a decrease of 8.1 percent), of which it sold 11,192 tons (a decrease of 10 percent) for a total of $15.79 million (a decrease of 29 percent).
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.
