TBILISI, Oct 15 (Reuters) - Azerbaijan's top gold producer,Anglo Asian Mining Plc, increased its output by 25.1percent to 54,103 ounces in the first nine months of the yearand expects to produce at total of 70,000 to 75,000 ounces forthe full year, it said on Thursday.
The London-listed company increased its gold output by 16percent to 60,285 ounces in 2014, in line with its target.
For the third quarter of this year, production at theGedabek and Gosha mines amounted to 18,165 ounces, up from16,178 ounces in the same quarter a year ago, but down from18,745 ounce in the previous quarter of this year.
The company also said it increased production of copper atAzerbaijan's main mine, Gedabek, and the Gosha mine to 634tonnes in the first nine months this year, up from 580 tonnes inthe same period last year.
Silver output fell to 10,916 ounces from 27,419 ounces.
"We are pleased to report continuation of the exceptionalgold, copper and silver production from Gedabek," Anglo AsianChief Executive Reza Vaziri said in a statement.
"The final quarter of the year has historically been ourbest-performing quarter and we are confident of meeting ouroriginal production target for 2015 of between 70,000 and 75,000ounces of gold."
He said that a small-scale flotation plant had beensuccessfully commissioned in the third quarter of this year asplanned.
The company said the plant is processing the tailings of theagitated leach plant, adding approximately 5,000 ounces of goldand 1,200 tonnes of copper this year.
Meanwhile the company's gold sales in the third quartertotalled 14,871 ounces at an average price of $1,123 per ounce.In the second quarter the company sold 16,088 ounces of gold atan average price of $1,193 per ounce.
Gold sales in the nine months totalled 48,165 ounces at anaverage price of $1,179 per ounce, up from 37,342 ounces sold inthe same period last year at an average price of $1,291 perounce.
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 a total of 22tonnes of gold.
Overall, Anglo Asian plans to exploit seven mines in westernAzerbaijan with estimated gold reserves of 430 tonnes. (Reporting by Margarita Antidze; Editing by Greg Mahlich)
Anglo Asian (AAZ)
