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Anglo Asian Mining (AAZ) is working to cut costs at its flagship Gedabek mine in the Caucasian republic of Azerbaijan after boosting gold production there 52% in the first quarter of this year to 17,193 oz., though silver output nearly halved to 1,950 oz. and copper production slipped 10% to 184 tonnes. Operated from the Azerbaijan capital of Baku and quoted on AIM, the company, whose heavily-reduced pre-tax profit of £840,000 for 2013 became a £6.9 million loss in the first half of last year, is expected to show a deficit for whole of 2014, but has targeted a significant production increase in gold this year from 2014’s 60,285 oz. to between 70,000 oz. and 75,000 oz.
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