BAKU, Azerbaijan, January 17. UK-based Anglo Asian Mining (AAM), the operator of gold deposits in Azerbaijan, produced 16,760 ounces of precious metals in gold equivalent in 2024, which is 1.9 times less than in 2023, Trend reports.
According to AAM data, gold production was 15,073 ounces (30.7 percent decline), silver production was 28,258 ounces (1.9 times decline), and copper production was 377 tons (5.7 times decline).
The Gedabek doré alloy deposit produced 14,927 ounces of gold, down 26.5 percent from a year earlier, and 12,007 ounces of silver, up 25.9 percent in contrast.
“A total of 15,251 ounces of gold in bullion were sold on world markets in 2024 (down 3.6 percent) at an average price of $2,432 per ounce. In 2023, the average realized price was $1,951 per ounce,” the company's report notes.
Furthermore, during the past year, AAM produced 1,857 tons of copper concentrate (down 6.6 times), of which it sold 1,504 tons (down 7.4 times) for a total of $2.79 million (down 5.7 times).
The PSA contract, signed on August 21, 1997, provides for the development of six fields, where the share of Azerbaijan is 51 percent and Anglo Asian Mining PLC - 49 percent.
To note, 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. Work in the country is being carried out under a contract signed in 1997. The first gold was obtained in the spring of 2009.
To date, the company has the rights to develop eight contract areas in Azerbaijan, but precious metals mining is carried out only at two - “Gedabek” and “Gosha”.