MINING FINANCE
Gold Price and Production Drop Anglo Asian Mining PLC said that its output of gold equivalents and the gold price dropped in the second quarter compared to the same period last year.
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he mining business with an emphasis on Azerbaijan reported output of 15,052 goldequivalent ounces for April through June, a decrease from 16,740 ounces the previous year. Output of gold decreased to 10,866 ounces from 12,340. Anglo Asian said that they anticipate starting production at Vejnaly and the Hasan vein at Gosha in the second half, and starting production at a significant new mine at Zafer in 2023. Anglo Asian Mining PLC is a holding company with its headquarters in the UK. The Company offers management and support services to its operational subsidiary R.V. Financial Group Services LLC (RVIG).
The Company, along with its subsidiaries, is engaged in the exploration and development of gold and copper projects in the Republic of Azerbaijan. The flagship project, the Gedabek gold/copper mine, which is situated in 300 square kilome-
ters and produced 52,068 ounces of gold, is also operated by the Company.
or having the option to purchase various copper exploration projects in North and South America, Libero is listed on the TSX Venture Exchange in Canada. These properties include Mocoa in Colombia, one of the biggest untapped copper-molybdenum deposits in the world. The Government of Azerbaijan adopted changes to its Production Sharing Agreement on July 5, 2022, awarding Anglo Asian three new concessions covering a combined 882 square kilometres of land. This includes the Soviet-classified Garadagh porphyry copper deposit, which contains about 300,000 tonnes of copper. The addition of these concessions completely changes Anglo Asian’s asset portfolio and supports the company’s strategic goal of becoming a mid-tier copper-focused miner.
Mining activities and exploration locations are its two main business divisions. Both parts are found in the country of Azerbaijan. It has a potential portfolio of 1,962 square kilometers worth of gold and copper assets that are in various stages of development.
gold price dropped more than 2 %
Ordubad Contract Area, an area of 462 square kilometers, is situated in the Republic of Nakhchivan, Azerbaijan. The 300 square kilometer Gosha Contract Area is situated 50 kilometers northwest of Gedabek in western Azerbaijan. For the fiscal year that concluded on December 31, 2021, the Company generated 64,610 gold equivalent ounces (GEOs).
The dollar touched its highest level in about two decades and strengthened its position as the favored sanctuary for investors concerned about a future recession, making the safe-haven metal less desirable for foreign purchasers. After the US CPI report came, traders are now banking on 175 basis points (bps) of rate increases by September, with some anticipating a 75 bps increase.
The Company completed a private placement in December 2021 to acquire 19.8%. representing Libero Copper & Gold Corporation (“Libero”). The deal was finished in January 2022. In addition to owning
44 | SKILLINGS MINING REVIEW August 2022
The previous week, the gold price dropped more than 2 per cent and will fall even lower below the $1,800 support level as demand for the non-yielding asset was dampened by a significant rise in the dollar and increasing interest rates.
Following the release of the inflation figures, gold fell to its lowest level in a month, but later rose as economic worries gained attention. This week has seen an
