Azerbaijan, Baku, May 24 / Trend, A.Akhundov /
Anglo Asian Mining company (gold producer in Azerbaijan) recorded a 60% increase in profit before tax of $31.6 million, the company's press release says on Thursday.
In 2010 this figure hit $19.8 million.
"Gross profit increased by 37 percent and amounted to $43.0 million compared to $31.4 million in 2010," the report says.
In 2011 Anglo Asian generated revenues of $83.8 million, as a result of gold, silver and copper concentrate sales from the Gedabek mine, whereas this figure hit $72.0 million in 2010. $78.8 million of the revenue was generated from the sale of Anglo Asian's share of the production of dore bars for the year which comprised 49,304 ounces of gold and 34,593 ounces of silver at an average price of $1,573 per oz and $35 per oz respectively.
In addition, Anglo Asian generated revenue from the sale of copper concentrate of $5.0 million (2010: nil).
Total volume of gold production hit 57,068 ounces in 2011.
The Anglo Asian Mining Company has the rights to develop six deposits in the south-west of Azerbaijan - Gedabek, Ordubad, Gosha Bulag, Gyzyl Bulag, Vezhnali and Soyutlu based on a PSA type agreement signed in August 1997 with Azerbaijani government.
Under the contract, production of about 400 tons of gold, 2500 tons of silver and 1.5 million tons of copper is planned at the deposit.
Gold produced at the deposits is sent for refinement to Switzerland. Bullions are brought to Azerbaijan and stored in the government's vaults.
The first gold and silver was produced at the Gedabek deposit in May 2009.