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Azerbaijan's gold export up by 13.5 pct in 2020

31 August 2020 15:59 (UTC+04:00)
Azerbaijan's gold export up by 13.5 pct in 2020

By Ayya Lmahamad

Azerbaijan’s export of gold increased by 13.5 percent reaching $96.5 million during the period of January-July 2020, local media reported with reference to a department head at the Center for Analysis of Economic Reforms and Communications Nijat Hajizade.

It should be noted that Azerbaijan exported gold worth $85 million during the same period of 2019.

Azerbaijan exported 2,147 kg of gold to the world markets during the reporting period, which is a decrease by 6.6 percent compared to the same period last year. The total 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.

Likewise, 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.

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