Azerbaijan's top gold producer Anglo Asian Mining AAZ.L said on Thursday its January-September output was 7.8 percent lower than in the same period last year at 49,874 ounces and it was cutting its 2016 production target.
The company reduced its 2016 output target to 69,000-71,000 ounces from a previous 73,000-77,000 ounces.
In 2015, it increased gold production by 19 percent to 72,032 ounces, hitting its target for the year.
The London-listed firm said it increased copper production at Azerbaijan's Gedabek main mine and the Gosha mine to 1,363 tonnes in the first nine months, from 634 tonnes a year earlier. The copper production target for 2016 is 1,700-2,000 tonnes.
Silver output rose to 114,915 ounces from 10,916 ounces.
"The company continues with its cost reduction and sustainability initiatives, and the connection of the Gedabek site to the national power grid by the end of next month will be another milestone."
The SAG mill is used to crush and grind ore.
Gold
dore sales in the third quarter of this year totalled 12,567 ounces at an average price of $1,332 per ounce, down from 15,661 ounces sold in the second quarter at $1,265 per ounce.
Gold is produced at Gedabek and other Azeri mines under a production venture with Anglo Asian, in which the government owns 49 percent.
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