Azerbaijan's top gold producer will begin production there next month.
Anglo Asian Mining News
Better gold prices also helped the Azerbaijan-focused miner reduced its outstanding debts and boost profit.
The company produced 49,874 ounces of gold in the nine months to September, or 7.8% less than in the same quarter last year. It also cut its 2016 production target.
Gold production fell 17.6% to 14,172 ounces in the first quarter of the year due mainly to harsh winter conditions.
The miner increased production by 32.8% to 35,938 ounces between January and June at its flagship Gedabek mine.
The Gedabek mine expects to exceed its target to produce 595 tonnes of copper for 2014.