AzerGold’s revenues hit 375.8m USD in past five years

7 July 2021 10:00 (UTC+04:00)

By Vugar Khalilov

Azerbaijan’s gold mining company AzerGold CJSC brought revenues worth 639 million AZN (375.8 million dollars) to the country’s economy in the past five years, the Chairman of the company’s Executive Board Zakir İbrahimov told local media.

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, he said.

During this period, the company received 47 million AZN (27.6 million USD) from the state budget for the implementation of non-ferrous metal projects that amounts to 7.3 percent of the total sales turnover, Ibrahimov said.

He stated that the company was able to generate this income as a result of production activities at the Chovdar mine in the Dashkesan region.

Along with the extraction work carried out at the Chovdar mine, intensive exploration and research work has been carried out to increase reserves and launch new mines during this period, he added.

“During the period of activity, more than 176,000 meters of drilling work was carried out with the direct participation and guidance of our geologists”, Ibrahimov said.

According to the company, the non-ferrous metal resources of the fields prepared for operation have been increased 24 times in accordance with international standards.

Set up by 2015, “AzerGold” Closed Joint-Stock Company focuses on the study, research, exploration, management of ferrous and non-ferrous metal ore deposits, as well as extraction, processing and sale of this metals, implementation of new technologies in this field, modernization and efficient use of material and technical base, execution of other activities related to the development of this industry sector.

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