AzerGold to increase input to Azerbaijan’s GDP by 2035

3 August 2021 12:00 (UTC+04:00)

By Ayya Lmahamad

Azerbaijan’s gold mining company AzerGold CJSC will increase its contribution to the country's GDP to $12.8bn by 2035, Economy Minister Mikayil Jabbarov wrote on his official Twitter page on August 2.

"By 2035, AzerGold that has a special role in developing of the mining industry is planning to increase its contribution to GDP to 21.9 billion manat [$12.8bn] through efficient exploitation of non-ferrous and ferrous metal deposits," the minister wrote.

The company is expected to attract up to 16,000 employees.

Jabbarov reminded President Ilham Aliyev’s recent visit to Dashkasan district where he familiarized himself with Chovdar Integrated Regional Processing Area and Marah gold deposit operated by AzerGold CJSC. Jabbarov said the visit “demonstrates an importance attached to the mining industry - one of the main areas of our non-oil sector."

Located on the north of Dashkasan region, Chovdar gold mine has proven gold reserves of 1 661 000 ounces (51.5 tons of ore). AzerGold CJSC has been carrying out extraction works in the deposit since 2017. 

AzerGold CJSC is a national mining company set up in 2016 upon the presidential decree. Since being established, AzerGold brought more than AZN 657 million ($386.4M) to Azerbaijan’s economy from the sale of 254,500 ounces of gold and 456,300 ounces of silver.

It should be noted that Azerbaijani increased production of gold by 16 percent and silver by 9 percent in the first half of 2021. As a result of the export of 25,400 ounces of gold and 56,100 ounces of silver the volume of funds attracted to the country's economy amounted to $46.9 million, which is 6.8 percent more compared to the same period of last year.

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

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