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Azerbaijan-focused miner Anglo Asian reports 20% decline in gold equivalent production in Q1

Kitco Media
By Vladimir Basov
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(Kitco News) - Azerbaijan-focused miner Anglo Asian Mining (AIM: AAZ) today reported total production of 10,969 gold equivalent ounces in Q1 2023, down 20% compared to Q1 2022 (13,720 gold equivalent ounces).

In Q1 2023, the company produced 6,741 ounces of gold (Q1 2022: 10,040 ounces), 847 tonnes of copper (Q1 2022: 568 tonnes) and 22,566 ounces of silver (Q1 2022: 50,674 ounces). 

CEO Reza Vaziri commented, "I am pleased to report a strong start to 2023, with a total production of 10,969 gold equivalent ounces in the first quarter at our flagship Gedabek contract area. We continue to make good progress towards production at Gilar, followed by Zafar.

"We remain in a strong financial position to deliver both our near-term priorities and our recently announced long-term growth strategy to achieve mid-tier copper and gold production status by 2028."

Anglo Asian Mining is a gold, copper and silver producer with a portfolio of production and exploration assets in Azerbaijan. The company has a plan to transition to a multi-asset, mid-tier copper and gold producer by 2028.

By 2028, copper will be the principal product of the company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and Garadag.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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