Azerbaijan’s revenue from gold exports up by 21.8pct in 2020

By Ayya Lmahamad
 
The volume of Azerbaijan’s revenue from exporting gold to the world market increased by 21.8 percent during the first half of 2020 local media reported on August 19.

According to the report, the value of gold exported in the first half of 2020 amounted to $85.7 million, which is a growth by 21.8 percent compared to the same period last year.
Moreover, Azerbaijan exported 2,147 kg of gold to the world markets during the reporting period. The volume of total export decreased by 6.6 percent compared to the same period last year.
Furthermore, it was stated that the entire volume of gold was exported to Switzerland.

It should be noted that Azerbaijan exported 4,802 kg of gold worth $172.3 million in 2019.

Earlier, it was reported that Azerbaijan increased the volume of gold and silver production by 20.3 percent and 40.9 percent respectively in the first half of 2020 compared to the same period last year.
Thus, during the first six months of the year, 28,500 ounces of gold and 62,000 ounces of silver were produced at Chovdar mine in Dashkasan region.

Additionally, AZN 5.5 million ($3.2M) of payments were made to the state budget in the completed half of the year of which AZN 4.5 million ($2.6M) are tax payments and AZN 1 million ($588,235) falls on the payments to the State Social Protection Fund.

Gold mining in Azerbaijan is currently carried out by two companies, AzerGold CJSC, which owns 51 percent in Azerbaijan’s gold share, and Anglo Asian Mining PLC, with 49 percent of shares.
Extraction of the first gold in Azerbaijan started in 2009, and silver in 2010.

“AzerGold” CJSC is a national mining company, which was established on February 11, 2016 according to the presidential decree. 

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