Baku: The British company Anglo Asian Mining PLC (AAM), known for its production of gold, silver, and copper in Azerbaijan, has reported a significant increase in its gold bar sales. The company witnessed a 21% rise in sales during the first quarter of this year, reaching a total of 4,753 thousand ounces, as reported by APA-Economics citing the mining company.

According to Azeri-Press News Agency, the average sales price of gold for AAM was recorded at 2,843 USD per ounce, a noticeable increase from the average sales price of 2,080 USD per ounce during the same period last year. This price surge contributed to AAM earning USD 13.5 million from gold sales this year, marking a 65.4% or USD 5.3 million increase compared to the previous year.

The company also reported a positive cash flow of USD 1 million, resulting from the full recovery of processing during the quarter. As of March 31, 2025, the company's net debt, which includes a USD 5.0 million advance received from Trafigura, stood at USD 13.8 million, a decrease from USD 14.8 million at the end of 2024. Additionally, the value of "Anglo Asian" reserves was valued at USD 7.1 million as of March 31, 2025, reflecting a 77.5% increase since the beginning of the year.

The Production Sharing Agreement (PSA) contract, signed on August 21, 1997, outlines the development of six deposits. Under this agreement, Azerbaijan holds a 51% share, while Anglo Asian Mining PLC holds a 49% share.