Azerbaijan gets over $20M from gold and silver export
By Sara Israfilbayova
The state-owned company AzerGold, which is engaged in exploration, development and management of deposits of precious and base metals, sold the second batch of gold and silver on the world stock exchange, gaining $20.9 million of profit.
"Some 72 gold-silver alloys produced by AzerGold CJSC at the Chovdar mining complex were sent for cleaning of the world famous refining company in Switzerland Argor-Heraeus," AzerGold reported on June 29.
The fine gold and silver, sold as a result on the international exchange, brought millions of profit to the company.
The total weight of exported gold-silver alloys was 1,283 kilograms, 16,300 ounces of total volume fell to gold, 22,200 ounces - silver.
The first gold and silver export of AzerGold CJSC was carried out in May of this year, selling 66 gold alloys, 16,000 of which were gold, 24,000 ounces - silver. The first export batch brought the country's income in the amount of $20.1 million.
By late 2017, the company plans to increase the volume of gold and silver mined for export to 160,000 ounces (70,000 ounces of gold, 90,000 ounces of silver). Taking into account the current prices for precious metals, the profit from the sale of this volume of gold and silver will be $85 million, according to the estimates.
In the following years the company plans to start production at other fields - Filizchay and Mazimchay in Balakan region, as well as at the Goydag site in the Nakhchivan Autonomous Republic.
The AzerGold company plans to produce almost 1.3 tons of gold and 2 tons of silver at the Chovdar mine in 2017.
The country 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.
The Ministry for Ecology and Natural Recourses estimates that the country is able to produce about 10-15 tons of gold per year.
AzerGold CJSC was established on February 11, 2015. The company uses new technologies in exploration, development and management of non-ferrous metal deposits, modernization of the material and technical sources and their effective use, as well as other work for developing this sphere.
Also, Anglo Asian Mining PLC has the right to develop 6 fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.
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