Azerbaijan increases gold production 19% in 2Q y/y

Production reached a record 35,938 ounces in the first half of the year, the company said on its website.

Gold production target for this year remains at between 70,000 ounces and 75,000 ounces, the company said.

Anglo Asian CEO Reza Vaziri said: "We are delighted to report continuation of the exceptional gold, copper and silver production seen in Q1 2015 with record gold production for the half year of 35,938 ounces. This exceeded our internal production estimate and ideally positions Anglo Asian for a strong remainder of 2015. The second half of the year has historically been our best performing half due to the seasonally better weather and we are confident of meeting our production target for 2015 of between 70,000 and 75,000 ounces of gold. 

 

"We continue to make good progress on the building of our small scale flotation plant and the necessary modifications to enable it to process the tailings of the agitated leach plant. The majority of the equipment for the plant is now at site. We continue to expect the plant to be commissioned in Q3 2015. The development of the Gadir mine is also progressing well with the first ore having now been extracted. We expect the main mining operation to commence next month.

 

"I look forward to providing further updates in due course as we continue to improve our production performance in order to deliver the utmost value for shareholders."