Anglo Asian Mining eyes extracting first ore from Gilar deposit by 2024-end

Anglo Asian Mining PLC, the AIM-listed gold, copper and silver producer focused in Azerbaijan, plans to extract the first ore from the Gilar deposit by the end of 2024, Report informs referring to the company’s statement.

“Development of Gilar mine commenced in 2023, with first ore expected to be extracted by the end of 2024,” reads the report. “Capacity of the flotation plant doubled to 160 tons per hour in anticipation of processing richer ores from Gilar.”

Gilar is a mineral deposit in the Gadabay contract area, located approximately 7 km from the company’s processing facilities. Gold reserves at the Gilar deposit are estimated at 249,083 ounces of gold, 46,466 tons of copper and 48,786 tons of zinc.

Anglo Asian Mining is currently extracting precious metals from the Gadabay and Gosha contract areas.

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