Anglo Asian Mining PLC said Thursday that its gold and copper production fell in the first quarter at its Azerbaijan project, while silver production rose, Report informs, citing the company.
The London-listed, Azerbaijan-focused company said gold production was 10,040 ounces, compared with 11,907 ounces a year earlier. Copper production was 568 metric tons, compared with 638 metric tons.
Silver production at the Gedabek mine in Azerbaijan rose to 50,689 ounces from 35,365 ounces, the company said.
Anglo Asian Mining said total gold bullion sales in the period were 7,519 ounces at an average of $1,904 an ounce, compared with 5,635 ounces at an average of $1,697 an ounce in the year prior.
The company said that it had cash of $29.4 million, compared with $37.5 million as of Dec. 31, and that it had an unsold gold dore and copper concentrate inventory of $8 million.
"Looking ahead, we remain in a strong financial position to execute our growth strategy," Chief Executive Reza Vaziri said.
Anglo Asian Mining is a Central Asian gold, copper and silver producer with a wide portfolio of mining and exploration assets in Azerbaijan. The company produced 64,610 GE ounces in 2021.
In September 2021, the company announced a deal with the government of Azerbaijan, which granted it three additional concessions with a total area of 882 square kilometers, including the Garadagh porphyry copper deposit with reserves of over 300,000 tons of copper. The deal is subject to ratification by the Azerbaijani parliament.