Reza Vaziri: Ore flotation plant to be launched next year

The British company Anglo Asian Mining PLC, which extracts gold, silver and copper in Azerbaijan, plans to launch an ore flotation plant at the Gadabay contract area in 2024, said executive director of Anglo Asian Mining, Reza Vaziri, Report informs.

“Given the curtailment of agitation leaching and flotation processing, we have also revised our production guidance for the year to between 30,000 and 34,000 gold equivalent ounces. This guidance assumes agitation leaching and flotation processing will not be restarted until 2024,” he noted.

“The curtailment of our agitation leaching and flotation processing whilst an environmental inspection was carried out, whilst regrettable, was understandable. The Company has fully cooperated with all Government requests to ensure the environmental inspection was carried out properly and to expedite other related matters.”

“Our results for the Period [first half of this year] were satisfactory, and within expectations, given that we were predominantly only mining from our open pit mine,” he noted.

For this reason, in the reporting period, Anglo Asian Mining PLC’s total revenue was $30.8 million. Pre-tax profit decreased to $1.4 million due to higher costs due to lower gold production. The company had cash on hand of $9.8 million, down $3.4 million or 25.7% from the first six months of 2022.