Azerbaijan to launch gold exports in June
Azerbaijan`s gold will be exported to world markets
after a mining plant being built in the country`s western Gadabay
region is commissioned in mid-May.
Gold will be separated from other metals at the enterprise using chemical processing. Equipment to be used there has been purchased from Canada and Australia.
Under a development program approved by the Azerbaijani government, the plant will have the capacity to produce 75,000 ounces of gold. The first batch of Azerbaijani gold will reach overseas markets in June. Foreign buyers will receive bars containing 50-60 percent of gold. Further, companies experienced in the field will separate gold and silver.
According to the Azerbaijan International Mining Operating Company, a consortium of companies tapping the country`s gold deposits, $60 million has been invested in exploratory and development work at the country`s major Gadabay field since 2004. Gadabay`s reserves are estimated at some 750,000 ounces of gold. The field also holds silver and copper stocks.
Azerbaijan is developing its gold fields in cooperation with a British company. The government holds 51 percent in the 30-year production sharing agreement signed in 1997, while Anglo Asian Mining Plc - 49 percent. Under the deal, the company has been granted six locations across Azerbaijan to tap gold. Three of the deposits are located in the Nakhchivan Autonomous Republic, Ganja, Azerbaijan`s second largest city, and the Gadabay district, while three others - in the territories under Armenian occupation.
The mentioned fields contain an estimated 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper.
Gold will be separated from other metals at the enterprise using chemical processing. Equipment to be used there has been purchased from Canada and Australia.
Under a development program approved by the Azerbaijani government, the plant will have the capacity to produce 75,000 ounces of gold. The first batch of Azerbaijani gold will reach overseas markets in June. Foreign buyers will receive bars containing 50-60 percent of gold. Further, companies experienced in the field will separate gold and silver.
According to the Azerbaijan International Mining Operating Company, a consortium of companies tapping the country`s gold deposits, $60 million has been invested in exploratory and development work at the country`s major Gadabay field since 2004. Gadabay`s reserves are estimated at some 750,000 ounces of gold. The field also holds silver and copper stocks.
Azerbaijan is developing its gold fields in cooperation with a British company. The government holds 51 percent in the 30-year production sharing agreement signed in 1997, while Anglo Asian Mining Plc - 49 percent. Under the deal, the company has been granted six locations across Azerbaijan to tap gold. Three of the deposits are located in the Nakhchivan Autonomous Republic, Ganja, Azerbaijan`s second largest city, and the Gadabay district, while three others - in the territories under Armenian occupation.
The mentioned fields contain an estimated 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper.
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