AzerGold attracts $109.7m to Azerbaijan's economy in 2020

27 January 2021 10:00 (UTC+04:00)

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By Ayya Lmahamad

Azerbaijan’s gold mining company AzerGold’s attracted AZN 186.5 million ($109.7M) to the country's economy in 2020, due to the export of gold and silver to the world markets, company Chairman Zakir Ibrahimov has said.

Addressing an online meeting dedicated to the results of 2020 and upcoming tasks, Ibrahimov underlined that despite the pandemic, last year the company’s production figures exceeded the plan, as well as the results of 2019.

He stressed that AzerGold also continued its activities on putting into operation new mines in the regions throughout the year. In order to develop new mines, and to ensure the sustainability of achieved positive economic growth rates with higher dynamics, the company successfully implemented the bond issue in the amount of $20 million for the first time.

The company also put into operation Aghyohush-1 deposit on November 30 and without the construction of a new processing plant and related infrastructure, it began to operate and process rocks at the Chovdar Processing Facility. It was noted that the first step has been taken to establish the Chovdar Regional Integrated Center, which will be expanded in the future through the commissioning of new fields on the basis of this processing area.

Moreover, the chairman noted that the company continued intensive exploration and research work on schedule in preparation for the exploitation of new fields. In the reported period, the drilling work was carried out at a depth of 75,778 meters to put into operation new fields in promising areas.

Additionally, it was stressed that the company will continue its activities in 2020 on commissioning new mines in the regions. The implementation of all set projects will turn the company into a large regional mining company and the largest non-oil exporter of the country.

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

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