Anglo Asian's Azerbaijan gold production up by 16 pct in 2014

Azerbaijan's Anglo Asian Mining Plc, the country's main gold producer, increased output by 16 percent to 60,285 ounces in 2014, achieving its production target for the year.


The London-listed firm said it raised production of copper at Azerbaijan's main mine, Gedabek, and the Gosha mine to 784 tonnes from 327 tonnes in 2013. Silver output fell to 31,177 ounces from 65,939 ounces.


"We have achieved our latest target for both gold and copper for the year and hope to continue 2015 on this positive note," Anglo Asian CEO Reza Vaziri said in a statement.


Gold sales in 2014 totalled 50,615 ounces at an average price of $1,267 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.


Anglo Asian began production at Gedabek, 350 km west of the capital Baku, in July 2009 and plans to extract a total of 22 tonnes of gold from the mine.


The company said the ore reserve estimate for Gedabek was 20.5 million tonnes of ore grading 1.03 grammes per tonne of gold (682 thousand ounces), 102,000 tonnes of copper, and 7.35 grammes per tonne of silver (4.84 million ounces).


Overall, Anglo Asian plans to develop seven mines in western Azerbaijan with estimated gold reserves of 430 tonnes.