BAKU

Azerbaijan’s leading gold mining company, Anglo Asian Mining Plc, said it had discovered a new sub-vertical gold vein, “Hasan”, to the south of the main Gosha gold mine.

The London-listed Anglo Asian mines gold, silver and copper at Gedabek, Gosha and other mines in western Azerbaijan in a joint venture with the state in which the company holds a 51-percent stake.

The company said that the discovery was made by surface drilling to the south of the main Gosha mine and the vein could be easily accessed from existing underground mine workings.

It added that an evaluation of the existing Vejnaly mine and plant in the restored contract area in Zangilan was also progressing at pace. Ore production from the new gold vein at Gosha and the Vejnaly mine is anticipated in the second half of this year.

“Current full-year 2022 metal production from existing Gedabek operations is forecast to be between 54,000 to 58,000 gold equivalent ounces, which will be supplemented by production from Vejnaly and Gosha,” the company said in a statement.

The company reported a decline in gold production in the first nine months of the last year. Gold production declined to 37,096 ounces in January-September 2021 from 43,384 ounces in the same period last year.

The total production of gold-equivalent ounces (GEO), which includes other metals, declined to 48,487 GEO from 50,702 GEO.

Copper production increased in the first three quarters to 1,906 tonnes from 1,895 tonnes in January-September 2020. Silver production rose to 115,843 ounces from 89,564 ounces.

In December last year, Anglo Asian Mining said it had increased its footprint outside its core area of Azerbaijan with a Canadian $6.3 million ($4.9 million) strategic investment in a Canada listed exploration company.

The subscription for 12.6 million new shares in Libero Copper & Gold Corporation gives it a 19.9 percent stake in the Venture Exchange-quoted group. Each share has a half warrant attached exercisable at 75 cents.

Libero is listed on the TSX Venture Exchange in Canada and owns or has the option to acquire, copper exploration properties in North and South America including Mocoa in Colombia, one of the world’s largest undeveloped copper-molybdenum resources.

The acquisition was in line with the company’s strategy of increasing its interests in copper and gold properties both in Azerbaijan and internationally, Anglo Asian Mining said in a statement.

Last year, Anglo Asian Mining extended its contract with the government for five years for the Gedabek mine.

In October, the company got the right to explore three more resource-rich deposits in Azerbaijan with a combined area of 882 square kilometres.