Azernews.Az

Azerbaijan has acquired another 124.4 kg of refined gold produced from its Gadabay mine, which brings the country’s gold stocks to 513.6 kg, with total market value of $28.4 million, according to the finance ministry.

In a statement posted on its website, the ministry said the extracted gold had been delivered to Switzerland for refining, and was further transferred to Azerbaijan in gold bars. The state body in charge of control over precious metals and stones has placed the gold in the Central Bank of Azerbaijan.

Earlier, Azerbaijan received 389.2 kg of gold in 999.9 fine gold bars.

Gadabay, Azerbaijan’s first operating gold and copper mine, is being developed by Anglo Asian Mining, the only gold producer in the country. The field commenced gold production in May 2009 and is targeted to produce over 300,000 ounces of gold in the first six years of production.

The Azerbaijani government and Anglo Asian Mining signed a production sharing agreement in 1997 to tap the country’s gold deposits. The PSA, in which the government holds 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.