BAKU, July 12 Anglo Asian Mining reduced
its gold production in Azerbaijan to 21,641 ounces in the first
half of 2012 from 28,610 ounces in the same period in 2011, but
said it would maintain annual production target at 54,000
"Due to an unreasonably harsh winter H1 2012 production
figures fell marginally below management's internal estimates,"
the company said in a statement on Thursday.
"However Q3 and Q4 2012 are expected to be stronger in terms
of production levels due to revised processing targets."
Gold production at Gedabek in the second quarter of 2012 was
11,716 ounces, up from 9,925 ounces produced in the previous
quarter, while silver ore production in the second quarter
totalled 4,504 ounces, down from 7,670 ounces produced in the
first three months of this year.
Anglo Asian Mining began gold production at Azerbaijan's
Gedabek gold and copper mine, 350 km west of the capital Baku,
in July 2009. The company plans to extract a total of 22 tonnes
of gold from Gedabek.
The AIM-listed company is controlled by R.V. Investment
Group Services. The Azeri government owns 49 percent.
It reduced its gold production in Azerbaijan by 15 percent
year-on-year to 57,068 ounces in 2011 from 67,267 ounces in
The company said in January 2012 it had planned to produce
first gold from the neighbouring Gedabek Gosha mine in
Azerbaijan in the first half of 2013. The Gosha mine was
discovered in February 2011.
The company plans to increase gold production in the country
to 300,000 ounces per year by 2015.
It envisages exploration of seven mines in western
Azerbaijan with estimated gold reserves of 430 tonnes.