Azerbaijan’s gold mining company AzerGold increased revenues from the export of precious metals by 29% YoY in 2020, AZN 186.5 million ($109.7 million), the company’s CEO Zakir Ibrahimov reported.

Ibrahimov stated that sales of gold amounted to 59,400 ounces, while silver to 119,400 ounces in 2020. Gold topped the list of non-oil goods exported last year with AZN 349.5 million ($205.5 million).

Moreover, the company transferred AZN 12.9 million ($7.5 million) to the state budget. Some AZN 10.7 million ($6.2 million) of these funds were tax payments and more than AZN 2.2 million ($1.2 million) were payments to the State Social Security Fund. The company’s total transfers to the state budget increased by 6%.

Total transfers to the state budget since the beginning of the company’s activity totaled AZN 40.8 million ($23.9 million).

Last year, the company’s authorized capital increased by AZN 50 million ($29.4 million), to AZN 62 million ($36.4 million).

Furthermore, Ibrahimov underlined that one of the significant steps for the company in 2020 was the approval of the corporate strategy for 2025 and 2035 to ensure the sustainable development of the non-ferrous metal ore mining sector.

One of the company’s main goals defined in the corporate strategy is the transformation of the AzerGold into a major regional-scale mining company with an annual turnover of $1 billion until 2035. Another important objective is to position itself as one of the largest non-oil industrial companies in the mining sector in the region.

The projects identified in the strategy are expected to contribute $8.9 billion to the country’s total GDP until 2035 and to attract up to 14,000 people in the most active phase of the projects.

Additionally, the volume of resources estimated and accepted by international standards as a result of effective exploration activities at AzerGold’s gold, silver and polymetallic deposits increased from 179,000 ounces to 4,447,000 ounces in 2017-2020. The growth was due to the exploration within the framework of the projects for the sulfide phase of the Chovdar field development, the first phase of the Agyokhush field development and the development of the Filizchay field.

Ibrahimov underlined that last year the pre-feasibility study for the sulfide stage of development of the Chovdar deposit was completed. As a result of the completion of exploration and research works on this phase, the resources of the deposit increased by 533,500 ounces.

Moreover, he emphasized that based on the approved plan for 2021-2027, Agyokhush-2, Agyokhush-3, Merekh, Narchala, as well as the Chovdar sulfide phase, Tulallar gold deposit, Filizchay polymetallic ore deposit, Garadag, Kharkhar, Mazimchay copper deposits and others would be commissioned. (AzerNews/Ukrainian metal)

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