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Azerbaijan boosts gold mining in Jan-Jul

20 August 2021 10:33 (UTC+04:00)
Azerbaijan boosts gold mining in Jan-Jul

By Ayya Lmahamad

Gold mining in Azerbaijan increased by 1.1 percent and amounted to 2,058 kg during the period of January-July 2021, local media has reported.

Silver mining also increased by 12.6 percent and amounted to 2,786 kg in the first half of 2021.

The extracted gold and silver have already been passed for processing.

As of August 1, 256,2 kg of mined gold and 194,5 kg of silver stocks are kept in the warehouses of the producing companies.

It should be noted that gold ranked third in the list of the country’s non-oil exports with $107.9 million during the first half of 2021.

Gold mining in Azerbaijan is currently carried out by two companies - AzerGold CJSC and Anglo Asian Mining PLC. A PSA-type contract was signed on August 21, 1997, and envisages the development of six fields.

The extraction of the first gold in Azerbaijan started in 2009, and silver in 2010.

AzerGold CJSC brought revenues worth 639 million AZN (375.8 million dollars) to Azerbaijan’s economy in the past five years. The company sold 248,000 ounces (7, 031 kg) of gold and 446,000 ounces (12,644 kg) of silver over the past five years and has paid more than 55 million AZN (323,5m USD) to the state budget in the form of taxes and duties.

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

Follow us on Twitter @AzerNewsAz

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