Two companies – AzerGold and Anglo Asian Mining – are operating in the sphere of mining of precious metals in the country.
AzerGold produced 34,678 ounces of gold and 63,698 ounces of silver in January-August, the company said in a message.
The growth in gold mining amounted to 24.4% compared to the same period in 2018, and in silver mining – to 33%.
AzerGold’s revenues from export of precious metals amounted to $51 million in January-August, up by 35%.
In the reporting period the company exported 36,889 ounces of gold and 52,024 ounces of silver, up by 30% and by 5%.
AzerGold plans to produce 55,000 ounces of gold this year. In addition, production of 87,000 ounces of silver is expected in 2019.
Azerbaijan has rich gold deposits. Gold is mostly produced in Dashkasan (AzerGold) and Gadabay (Anglo Asian Mining) regions of the country.
AzerGold mines precious metals from the Chovdar deposit in the Dashkasan region.
Last year 45,990 ounces of gold and 77,340 ounces of silver were extracted by the company from the Chovdar field, which exceeded the production plan and was also up by 34% and by 53% YoY respectively.
This year AzerGold plans to complete the development of a feasibility study for the underground phase of the operation of the Chovdar field.
In 2018 AzerGold carried out exploration and drilling works at depths of up to 17,000 meters, as well as metallurgical, laboratory, geotechnical, hydrological studies to raise the reserves of underground (sulfide) ores at the Chovdar, Agyokhush, Tulullar, Ortakend Khanagha deposits.
The company also completed the preparation of a preliminary feasibility study for the development of the Filizchay polymetallic ore deposit.
A total of 4,238 kilograms of gold and 2,671 kilograms of silver were produced in the country in 2018.
The Ministry of Ecology and Natural Resources estimates that the country is able to produce about 10-15 tons of gold per year. (AzerNews/Ukrainian metal)