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Azerbaijan’s AzerGold unveils volume of gold produced since early 2021

Economy Materials 27 December 2021 15:53
Azerbaijan’s AzerGold unveils volume of gold produced since early 2021

BAKU, Azerbaijan, Dec. 27

By Sadraddin Aghjayev - Trend:

Azerbaijan’s AzerGold CJSC has produced 61,500 ounces of gold since early 2021, chairman of the board of the company Zakir Ibrahimov told reporters, Trend reports.

Ibrahimov added that this is by two percent more than last year (60,000 ounces of gold).

“As for the production of silver, more than 135,000 ounces of silver have been extracted since early 2021, which is by 11 percent more than last year (121,000 ounces of silver),” the chairman of the board said.

Ibrahimov also added that the demand for gold and silver items in the domestic market has grown sharply amid the changes in tax and customs legislation in early 2021.

“After the exemption of import of gold items from excise tax and sale of gold and silver from VAT, the retail sale has revived,” the chairman of the board said. “So far, we have sold a total of 3,660 ounces of gold and 14,600 ounces of silver on the domestic market.”

Ibrahimov said that as a result of these sales, 11.6 million manat ($6.8 million) was attracted to the budget of the company, which is seven times more than last year.

The chairman of the board said that some 966 ounces of gold and 14,500 ounces of silver were sold as raw materials in the domestic market.

"As a result of these sales, we were able to attract 3.7 million manat ($2.2 million) to our budget (30 percent of the total sales in the domestic market),” the chairman of the board said. “Some 2,694 ounces of gold and 86 ounces of silver were sold in the domestic market as finished goods, that is, coins and gold, silver ingots.”

“Some 7.9 million manat $4.6 million (70 percent of the total sales in the domestic market) was attracted into a turnover as a result of the sale of these goods,” Ibrahimov said.

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