Anglo Asian plans to get first Gosha gold in 2013

Anglo Asian Mining plans to produce first gold from the Gosha mine in Azerbaijan in the first half of 2013 after the successful launch of production at the neighbouring Gedabek mine, the company said on Wednesday.

The company said it is estimated that the Gosha mine, discovered in February 2011, will produce 10,000-15,000 ounces of gold per year.

It increased its gold production in Azerbaijan in the first half of the year by 0.4 percent on a year ago to 28,610 ounces.

Anglo Asian began gold production at the Gedabek gold and copper mine, 350 km west of the capital Baku, in July 2009.

The AIM-listed company is controlled by R.V. Investment Group Services and the Azeri government has a 49-percent stake.

The company said it produced 67,267 ounces of gold at Gedabek in 2010 and plans to produce over 60,000 ounces in 2011 with a view to eventually extracting a total of 22 tonnes of gold. It envisages exploration of seven mines in western Azerbaijan with estimated gold reserves of 430 tonnes.

Azerbaijan said last year it expected to boost its gold production six-fold to seven tonnes per year by 2014, mainly due to increasing production at Gedabek. – Reuters

Tags: Anglo Asian Mining, Gold, gold mining, gold mining companies, gold mining industry, Gosha mine

Posted by VBN on Nov 27 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry