Anglo-Asian Mining reduces gold bar sales in Azerbaijan

British Anglo-Asian Mining Plc engaged in gold, silver and copper mining in Azerbaijan, reduced the sale of gold bars by 2.3 times in the second quarter of 2024, compared to the same period of the previous year, Report informs, citing the company.

The average price per ounce of gold bars was $2,350, and the total sale amounted to 2,075 ounces.

In contrast, during the same period in 2023, the company sold 4,787 ounces of gold bars at an average price of $1,992 per ounce.

Regarding copper concentrate sales, British Anglo-Asian Mining Plc generated $1 million from the sale of 260 dry metric tons of copper concentrate in the second quarter of 2024.

Meanwhile, in the corresponding period of 2023, the company sold 5,501 dry metric tons of copper concentrate for $7.7 million.

Anglo-Asian Mining engages in production in Azerbaijan under the Production Sharing Agreement (PSA) type contract 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%.

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.