BAKU, April 22 (Reuters) - Azerbaijan's main gold producersaid it had increased output by 32 percent in the first quarterof 2014 and set a target of 62,000 to 67,000 ounces for theyear, up as much as 28.7 percent from production in 2013.
London-listed Anglo Asian Mining Plc said on Tuesdayit had raised production at Azerbaijan's main mine, Gedabek, to11,312 ounces in January-March 2014 from 8,585 ounces in thesame period last year.
"Our revised 2014 gold production target of between 62,000ounces and 67,000 ounces represents an increase on 2013production of 52,068 ounces of gold and highlights ourcommitment to achieving production growth over the coming year,"Anglo Asian Chief Executive Officer Reza Vaziri said in astatement.
Its 2013 output rose from 50,025 ounces in 2012, but thecompany said it missed its target last year due to unexpectedweather conditions and processing issues. It did not disclosethe target, though a source there last year mentioned a figureof 80,000 ounces.
Gold is produced at Gedabek and other Azeri mines under aproduction venture with Anglo Asian, in which the governmentowns 49 percent.
Anglo Asian began production at Gedabek, 350 km west of thecapital Baku, in July 2009 and plans to extract a total of 22tonnes of gold from the mine.
It produced 1,095 tonnes of ore at the Gosha mine, 50 kmfrom Gedabek, in the first quarter of this year, sending 250tonnes to Gedabek for processing. It expects to mine 58,000tonnes of ore at Gosha this year.
The company said gold sales in the first quarter of thisyear totalled 10,403 ounces at an average price of $1,303 perounce.
The company commissioned an agitation leaching plant atGedabek in June 2013 and installed a Knelson concentrator inMarch this year, hoping to isolate copper sulphides that werefound to have restricted gold recoveries in the leach tanks in2013.
"Early results have shown enhanced gold recovery fromhigh-copper sulphide ore along with reduced cyanideconsumption," CEO Vaziri said.
Overall, Anglo Asian, which is controlled by R.V. InvestmentGroup Services, plans to develop seven mines in westernAzerbaijan with estimated gold reserves of 430 tonnes. (Reporting by Margarita Antidze and Nailia Bagirova; Writing byMargarita Antidze; Editing by Jane Baird)
Anglo Asian (AAZ)
