AzerGold, Technical University sign memorandum of cooperation

14 January 2021 12:40 (UTC+04:00)

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By Ayya Lmahamad

AzerGold has signed a memorandum of cooperation with Azerbaijan Technical University for training qualified personnel on gold mining industry in the country.

The memorandum was signed by Deputy Chairman of the Board of AzerGold Khayyam Farzaliyev and Rector of Technical University Vilayat Valiyev on January 12.

The memorandum oversees training qualified personnel for exploration, prospecting of non-ferrous and ferrous metal ore deposits in the country and application of new technologies.

Under the agreement, undergraduate and graduate students of university’s various departments will be involved in the company’s production practices. The agreement envisages involvement of selected students in research and project work in internships, joint drafting of topics required for diplomas, research papers and other research projects, as well as awarding scholarships.

It should be noted that AzerGold closely cooperates with a number of higher education institutions and scientific organizations operating in Azerbaijan. To date, a memorandum of cooperation has been signed with seven universities, and some 133 students participated in vocational training in the Chovdar ore processing program. Students and graduates who successfully completed their internships were awarded certificates by AzerGold and 11 of them were provided with permanent jobs.

Officials from both sides, as well as Vice-Rector of Istanbul Technical University, and other representatives took part in an event, which was organized in a video format.

“AzerGold” CJSC is a national mining company, which was established on February 11, 2016 according to the presidential decree. During the first ten months of 2020, AzerGold's revenues from the export of precious metals amounted to AZN 493 million ($289.9M) during the four years of the company’s activity. During this period, the company exported over 202,000 ounces of gold and over 350,000 ounces of silver from Chovdar mine. Of these funds, AZN 36.7 million were transferred to the state budget in the form of taxes and social payments. Moreover, the company’s net profit amounted to AZN 35 million ($20.5M) during the years 2016-2019, of which AZN 15 million (8.8M) were directed to increase the charter capital.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad