Anglo Asian Mining Reports Annual Results for 2023
Anglo Asian Mining, an established producer of gold, copper, and silver in Azerbaijan, has released its annual report for the year ending December 31, 2023. The company produced a total of 31,821 gold equivalent ounces (GEOs) during the year, a decrease from the 57,618 GEOs produced in 2022. Despite the lower production, the company remains focused on its strategy to grow production and become a mid-tier copper producer, with production set to commence from the new Gilar copper and gold mine at Gedabek in the second half of 2024.
Operational Highlights:
- Total Production: 31,821 GEOs in 2023, down from 57,618 GEOs in 2022.
- Gold Production: 21,758 ounces in 2023, compared to 43,114 ounces in 2022.
- Gold Bullion Sales: 15,822 ounces sold in 2023 at an average price of $1,951 per ounce, compared to 34,918 ounces at $1,783 per ounce in 2022.
- Copper Production: 2,138 tonnes in 2023, down from 2,516 tonnes in 2022.
- Silver Production: 53,226 ounces in 2023, compared to 182,046 ounces in 2022.
- All-in Sustaining Cost (AISC): $1,510 per ounce in 2023, up from $1,064 per ounce in 2022, primarily due to lower production volumes.
Anglo Asian Mining continues to develop its portfolio of greenfield assets, laying the groundwork for substantial future growth. The company has published JORC mineral resources for the Zafar, Gilar, and Xarxar deposits, which collectively contain over 200,000 tonnes of copper and 328,000 ounces of gold. Additionally, a non-JORC estimate for the Garadag deposit indicates an "indicated" and "inferred" mineral resource of over 324,000 tonnes of copper.
Sustainability remains a core focus for Anglo Asian Mining. The company has committed to implementing the Global Industry Standard on Tailings Management (GISTM) by the end of 2026. A sustainability policy has been enacted, and the company is now reporting climate-related financial and other information to minimize environmental impact.
