Azerbaijan boosts gold, silver mining in Q1 2020

20 April 2020 18:14 (UTC+04:00)

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By Akbar Mammadov

The volume of Azerbaijan’s gold and silver mining industry increased by 23 percent and 72 percent respectively year-on-year in the period of January-March, local media reported, siting the State Statistics Committee.

Thus, gold mining increased by 23 percent in the first quarter of 2020, amounting to 948.3 kg, while silver mining amounted to 1,193 kg (an increase of 73%). The extracted gold and silver have been transferred for processing, the report says.

As of April 1, 2020, the reserves of mined silver in the warehouses of manufacturing companies are 34.9 kg.

Presently, two companies - AzerGold and Anglo Asian Mining - are operating in the sphere of mining of precious metals in Azerbaijan.

In 1997, Azerbaijan signed a contract providing for the development of six fields: one in Nakhchivan, two in the Gadabay region of Azerbaijan (450 km west of Baku) and three in Kelbajar and Zangelan, currently occupied by the Armenian armed forces. Azerbaijan's share in the contract is 51%, Anglo Asian Mining PLC - 49%.

According to the contract, a total of 400 tons of gold is planned to be extracted from these 6 deposits.

The extraction of the first gold began in 2009 from the Gadabay deposit, the extraction of silver - in 2010. Gold mining began at Gosha in the third quarter of 2013. In the summer of 2015, the company also commissioned the Gadir gold mine, and in September 2017, the Ugur mine.

AzerGold CJSC, established in 2015, is engaged in gold and silver mining. The company is engaged in the study, research, exploration, development and management of the gold and iron ore sections of Garadag, Chovdar, Heydag, Dagkeseman, the Kokhnemeden section and the Kuryakchay basin.

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Akbar Mammadov is AzerNews’ staff journalist, follow him on Twitter: @AkbarMammadov97