BAKU, Azerbaijan, June 23. Anglo Asian Mining PLC, the AIM-listed gold, copper and silver producer focused on Azerbaijan, expects one of the two Gilar mines to be commissioned at the end of this year, Trend reports.
According to the company, its ambitious growth strategy is to become a mid-tier producer with a portfolio dominated by copper within the next five years.
"As a critical first step in pursuit of this, we are currently building two new mines: Gilar and Zafar. We expect Gilar to start producing ore later this year," the company said.
Besides, the company noted that 2022 was another good year for Anglo Asian Mining.
"Our operational and financial performances were within guidance, which was achieved against a backdrop of global macroeconomic challenges which continue to exert significant inflationary pressures on the industry," the company explained.
During last year, the company produced a total of 57,618 gold equivalent ounces, an 11 percent decline due to the lower gold grades of ore processed, also showed a good financial performance with revenues of $84.7 million and profit before taxation of $7.5 million.
As of December 31, 2022, the company held cash of 20.4 million pound sterling, having paid $8.6 million in dividends during the year.
Anglo-Asian mainly exports gold bars produced in Azerbaijan to Switzerland. Meanwhile, copper is exported to Georgia, Uzbekistan, and Türkiye.
