Azerbaijan boosts gold export by 24.2 pct in Jan-Sep
By Ayya Lmahamad
Azerbaijan increased export of gold by 24.2 percent during the period of January-September 2020, local media has reported.
During the reporting period, the country exported gold worth $150 million, which is by $29.2 million more than during the same period last year.
It was noted that Azerbaijan exported gold worth $25.8 million in September current year, which is by $12.7 million more compared to the same month of 2019.
Earlier it was reported that Anglo-Asian Mining Plc. company, which is engaged in gold, silver and copper mining in Azerbaijan, reevaluated the mineral resources and ore reserves of Gedabey and Gadir deposits.
Thus, the volume of revised total mineral resources of Gedabey deposit is 735,000 ounces of gold and 69,100 tons of copper. Ore resources of this mine are 284,000 ounces of gold and 26,000 tons of copper. In the meantime, the volume of confirmed mineral resources of Gadir deposit is 267,000 ounces of gold and 2,183 tons of copper. Ore reserves of this deposit are 49,000 ounces of gold and 191,000 tons of copper.
It should be noted that for the last nine months of the year, gold has firmly established its position among the top three main export products of the non-oil sector of the country
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. PSA type contract was signed on August 21, 1997 and envisages development of six fields.
Extraction of the first gold in Azerbaijan started in 2009, and silver in 2010.
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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