16:57 - 19.06.2023
June 19, Fineko/abc.az. Anglo Asian Mining PLC, a producer of gold, copper and silver in Azerbaijan, said that for 7 months from June to December 2023 it held a position on the sale of a forward contract for 4,600 ounces of gold bullion, ABC.AZ reports with reference to the mining company.
At that, it was emphasized that Anglo Asian operates against the background of a medium-term growth strategy and upcoming capital expenditure requirements, culminating in the transition to a medium-level copper producer.
Monthly sales of gold bars accounted for approximately 25-30% of the budgeted production of Gold Doré (doré consisting of gold and silver) each month. The contracts expire at the end of each month, and a total of 4,600 ounces of gold bars were sold. Forward sales were carried out at prices from $1,949.75 to $1,979.25 per ounce of gold. At the time of the conclusion of the forward purchase and sale agreement, the spot price of gold was $1,947.50.
Anglo-Asian Mining is engaged in mining within the framework of a PSA (production sharing agreement) signed in Azerbaijan on August 21, 1997. Azerbaijan's share in the contract is 51%, the share of Anglo-Asian Mining Plc. - 49%.
