BAKU, Oct 13 (Reuters) - Azerbaijan's top gold producerAnglo Asian Mining said on Thursday itsJanuary-September output was 7.8 percent lower than in the sameperiod last year at 49,874 ounces and it was cutting its 2016production target.
The company reduced its 2016 output target to 69,000-71,000ounces from a previous 73,000-77,000 ounces.
In 2015, it increased gold production by 19 percent to72,032 ounces, hitting its target for the year.
The London-listed firm said it increased copper productionat Azerbaijan's Gedabek main mine and the Gosha mine to 1,363tonnes in the first nine months, from 634 tonnes a year earlier.The copper production target for 2016 is 1,700-2,000 tonnes.
Silver output rose to 114,915 ounces from 10,916 ounces.
"Whilst production during the period was impacted due toslightly later than anticipated commissioning of the second SAG(semi autogenous grinding) mill, total tonnes milled during thequarter increased, which partially offset the lower gold gradesencountered," Anglo Asian CEO Reza Vaziri said in a statement.
"The company continues with its cost reduction andsustainability initiatives, and the connection of the Gedabeksite to the national power grid by the end of next month will beanother milestone."
The SAG mill is used to crush and grind ore.
The company commissioned a new flotation plant at Gedabek inthe third quarter of last year and it began commercialproduction in the fourth quarter.
Gold dore sales in the third quarter of this year totalled12,567 ounces at an average price of $1,332 per ounce, down from15,661 ounces sold in the second quarter at $1,265 per ounce.
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 with plans to extract 22 tonnes ofgold. Overall, Anglo Asian plans to exploit seven mines inwestern Azerbaijan with estimated gold reserves of 430 tonnes. (Reporting by Margarita Antidze; editing by David Evans)
Anglo Asian (AAZ)
