Azerbaijan raising exports of precious metals
Azerbaijan is gradually increasing exports of precious metals, with
their sales bringing the country millions in profits.
In July-September 2009 alone, Azerbaijan sold 104.2 kg of gold, 41.7 kg of silver and 399 kg of platinum.
The South Caucasus republic is exporting precious metal brands to Switzerland and Belgium for world market prices. Thus, an ounce of gold was being sold for $34.9 and platinum for $37.9 in July-September of last year. Gold and platinum exports in this period brought in $18.7 million to the country.
Precious metals are produced in Azerbaijan by the International Mining Operating Company, which was established to tap the country’s gold deposits. Gold is currently extracted only in the western Gadabay district. The Azerbaijani government and US-based R.V. Investment Group signed a relevant agreement in 1997, with Azerbaijan holding a 51 percent stake.*
In July-September 2009 alone, Azerbaijan sold 104.2 kg of gold, 41.7 kg of silver and 399 kg of platinum.
The South Caucasus republic is exporting precious metal brands to Switzerland and Belgium for world market prices. Thus, an ounce of gold was being sold for $34.9 and platinum for $37.9 in July-September of last year. Gold and platinum exports in this period brought in $18.7 million to the country.
Precious metals are produced in Azerbaijan by the International Mining Operating Company, which was established to tap the country’s gold deposits. Gold is currently extracted only in the western Gadabay district. The Azerbaijani government and US-based R.V. Investment Group signed a relevant agreement in 1997, with Azerbaijan holding a 51 percent stake.*
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