BAKU, Azerbaijan, January 30. Azerbaijan's AzerGold CJSC has invested 550 million manat ($323.5 million) in the implementation of mining projects so far, Chairman of the Board of AzerGold Zakir Ibrahimov said during a press conference on the results of activities for 2023, Trend reports.
According to him, 8 percent, or 45 million manat ($26.4 million), of this amount was provided through allocations from the state budget.
“These are mainly funds allocated from the state budget in the first years of the CJSC’s operation. Currently, funding from the state budget is carried out mainly for the implementation of iron ore projects, which are a new area of activity,” he noted.
Ibrahimov emphasized that in 2023 alone, 157 million manat ($92.3 million) were invested in mining projects.
AzerGold was established according to Decree No. 1047 dated February 11, 2015, by the President of the Republic of Azerbaijan Ilham Aliyev.
AzerGold is one of two companies producing gold and silver in Azerbaijan.
The company is engaged in the production and export of gold as part of the oxide (ground) phase of the development of the Chovdar gold field, from the Aghyokhush field as part of the first stage of its development (since November 2020), Marah (from July 23, 2021), and Tulallar (from February 2023).
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