Azernews.Az

BAKU – Azerbaijan`s gold reserves have been steadily increasing and now reached 250 kg, Finance Minister Samir Sharifov has said.

He said that these reserves are made up of gold that is extracted in Azerbaijan and then processed in Switzerland.

"As you know, the Azerbaijani government and Anglo Asian Mining [the only producer of gold in the country] have signed a production sharing agreement. Under the agreement, a certain amount of produced gold belongs to Azerbaijan, after the costs incurred are deducted. From here gold is sent to Switzerland for purification. Further, it is brought back to Azerbaijan in gold bars and stored at the Central Bank."

The minister also said gold is brought from Switzerland in batches weighing at least 100 kg.

Gold is currently selling for $1,416 per ounce in world markets.

The PSA signed with Anglo Asian Mining, with the Azerbaijani government holding a 51 percent stake, covers six deposits located in the Nakhchivan autonomous republic, the Tovuz and Gadabay regions as well as three regions that are currently under Armenian occupation. The fields hold about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper.