(REUTERS) -- Anglo Asian Mining reduced its gold production in Azerbaijan by 15 percent year-on-year to 57,068 ounces in 2011 from 67,267 ounces in 2010, the company said on Tuesday.
The company did not give a reason for a decline in production, but a source at Anglo Asian Mining told Reuters it was linked to some financial problems, which are resolved now.
Anglo Asian Mining began gold production at Azerbaijan's Gedabek gold and copper mine, 350 km west of the capital Baku, in July 2009. The company plans to extract a total of 22 tonnes of gold from Gedabek.
The AIM-listed company is controlled by R.V. Investment Group Services. The Azeri government owns 49 percent.
It increased its gold production in Azerbaijan in the first half of 2011 by 0.4 percent on a year ago to 28,610 ounces and said it had planned to produce first gold from the neighbouring Gedabek Gosha mine in Azerbaijan in the first half of 2013. The Gosha mine was discovered in February 2011.
The company plans to increase gold production in the country to 300,000 ounces per year by 2015.
It envisages exploration of seven mines in western Azerbaijan with estimated gold reserves of 430 tonnes.