TODAY.AZ / Business

Revenues from gold exports up

23 August 2019 [12:40] - TODAY.AZ

By Azernews

By Leman Mammadova

Being one of the leading sectors in the economy of Azerbaijan, mining industry holds the largest share in the industrial production.

Enjoying an increase in the production of precious metals, such as gold and silver, Azerbaijan also sees growth in the mining products exports.

The country exported 2,302 kg of gold worth $70.4 million to world markets in the first half of 2019. The gold exports increased by 60.1 percent in quantitative terms and by 15.9 percent in value terms compared to the same period in 2018. All export of gold accounted for Switzerland in the first half of 2019.

In January-June 2018, gold exports from Azerbaijan amounted to 1,430 kg worth $60.7 million.

Gold mining in Azerbaijan amounted to 1,720 kg in January-June 2019. Last year, Azerbaijan exported 2,904 kg of gold for $118.04 million to world markets.

Azerbaijan has rich gold deposits. Gold is mostly produced in Dashkasan and Gadabay regions of the country.

AzerGold CJSC, established in 2015, is engaged in the study, research, exploration, management, as well as extraction, processing and sale of precious and non-ferrous metal ore deposits, implementation of new technologies in this field, modernization and efficient use of material and technical base, and implementation of other activities related to the development of the industry.

The company is engaged in the study, research, exploration, development and management of the gold-bearing and iron-ore areas of Garadagh, Chovdar, Goydag, Daghkesaman, Kohnamadan sites and the Kurekchay field.

Anglo Asian Mining Plc. is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.

The company produces gold in Azerbaijan within the framework of the production sharing agreement signed on August 21, 1997. The share of Azerbaijan in the contract is 51 percent, and the share of Anglo Asian Mining is 49 percent.

Under the production sharing agreement, Anglo Asian Mining has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

According to the agreement, 400 tons of gold, 2,500 tons of silver and 1,500 tons of copper are expected to be extracted from these deposits.

The Ministry of Ecology and Natural Resources estimates that the country is able to produce about 10-15 tons of gold per year.

Azerbaijan, a country rich in mineral resources, started industrial production of gold in July 2009. About 900 fields were registered in Azerbaijan's state and territorial balance of reserves of mineral resources.

URL: http://www.today.az/news/business/185653.html

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