AMM estimates undeveloped gold reserves in contract areas in Azerbaijan at 400,000 ounces

Anglo-Asian Mining Plc. (AAM) estimates undeveloped gold reserves in contract areas in Azerbaijan at more than 400,000 ounces, Report informs referring to AAM materials.

The undeveloped resources [of the contract areas] in Azerbaijan amount to more than 400,000 ounces of gold and over 700,000 tons of copper. As part of the development strategy covering 2024-2028, four new mines will be sequentially put into operation - Gilar, Kharkhar, Garadag and Zafar, the company noted.

According to AAM, the company expects copper, a critical metal for the energy transition and achieving net-zero carbon emissions, to become its core product by 2026.

“Starting from 2028, the company plans to increase copper production to approximately 36,000 tons per year,” reads the report.

Anglo Asian Mining is extracting precious metals from the contract areas of Gadabay and Gosha. The first gold mining began in 2009 from the Gadabay deposit, silver mining started in 2010. In September 2013, the company began developing the Gosha contract area.

The PSA-type contract was signed on August 21, 1997, and provided for the development of eight fields. Azerbaijan’s share in the contract is 51%, Anglo Asian Mining PLC - 49%.