Anglo Asian Mining Plc has signed an agreement with the Government of Azerbaijan, which provides it with three new concessions with a total area of 882 square kilometers. The agreement is important for the British company, since the Porphyrian deposit (Hipabissal Mountain) “Garadag” contains more than 300,000 tons of copper at a cost of more than $ 3 billion at current prices, reports Turan with reference to a press release Anglo Asian Mining.
The company conducted a detailed analysis of its existing assets and regions adjacent to them, which revealed new concessions with high potential. Currently, the company estimates how best to use cost-effective copper resources contained in new concessions. Two of the new concessions border with the existing contract sites “Gedabek” and “Gosha”. They include a large-scale deposit of Porphyres “Garadag” and adjacent to Harhar copper deposit. An integrated intelligence program to prepare the assessment of mineral resources and ore reserves will begin after the ratification of new concessions in the Parliament of Azerbaijan. The company expects ore will be mined in an open way.
The third new concession site is called “Demirli” and adjacent to the Kyzylbulag contract area in the Karabakh Economic Area. The concession “Demirley” includes a copper-molybdenum deposit “Demirli”. According to preliminary estimates, the field contains about 275,000 tons of copper and 3,200 tons of molybdenum.