TODAY.AZ / Business

Azerbaijan discloses revenues from sales of non-ferrous metals

13 February 2019 [17:53] - TODAY.AZ

By  Trend

From April 2017 until Dec. 31, 2018, Azerbaijan’s AzerGold CJSC sold non-ferrous metals worth 220 million manats, Zakir Ibrahimov, chairman of the board of AzerGold CJSC, said this at the first plenary meeting as part of the project "Application of a roadmap for disclosing information about beneficiaries in the mining industry of Azerbaijan", Trend reports on Feb. 13.

Ibrahimov noted that the company went through a long process to begin selling precious metals. Thus, influential refining companies checked not only the documentation, but also the extent to which it corresponds to the actual activities of AzerGold.

He stressed that Azerbaijan is taking consecutive measures in the mining industry, which will ensure greater transparency and even greater attraction of foreign investment.

Azerbaijan’s withdrawal from the Extractive Industries Transparency Initiative did not slow down the development of the country's mining industry, Ibrahimov added.

The plenary session is held as part of the project "Application of a roadmap for disclosing information about beneficiaries in the mining industry of Azerbaijan" in Baku on Feb. 13.

The event is organized by the Extractive Industries Transparency Commission, the Asian Development Bank, as well as local and foreign experts are also involved in the implementation of the above project.

Participants of the plenary meeting discuss the importance of disclosing information about beneficiaries, the main elements of the term beneficiary in the field of extractive industries, the introduction of international experience in this area and other issues.

AzerGold CJSC started operating in July, 2016 and is engaged in studying, research, investigation, management of deposits of precious and non-ferrous metals, their production, processing and sale, and also application of new technologies in this sphere, improvement of material and technical base and implementation of other work related to development of this sphere.


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