Azerbaijan's AzerGold company interested in attracting foreign investors

Azerbaijan's AzerGold company interested in attracting foreign investors

BAKU, Azerbaijan, Feb. 26

Trend:

As a result of exploration, the total non-ferrous metal reserves in the fields of Azerbaijan’s AzerGold CJSC increased by more than 20 times, Chairman of board of the company Zakir Ibrahimov said.

Ibrahimov made the remark in Baku at the press-conference dedicated to the results of 2019, Trend reports.

“Extraction and export of these reserves will bring cash worth several billion manat into the country's economy,” the chairman added.

"To achieve these goals, we plan to attract funds from both local and international financial institutions,” Ibrahimov said. “For this purpose, the company’s own capital must be at the appropriate level. The company’s authorized capital was increased and brought up from two million manat ($1.2 million) to 37 million manat ($21.8 million) to launch these projects.”

“AzerGold plans to commission Aghyokhush and Marah fields in 2021 discovered by the company's geologists,” the chairman said. “The resource potential of Aghyokhush field is 40,000 ounces of gold. Presently, a mine design is being developed as part of the open-pit mine exploitation project.”

“The initial exploration work at Marah field also yielded positive results,” Ibrahimov said. “The additional exploration work is underway to clarify the potential of reserves.”

“AzerGold plans to conduct production at the Chovdar field as part of the ground (sulfide) phase in 2024,” the chairman said.

“The proven resources of the Chovdar deposit in the sulfide phase reach 350,000 ounces of gold and 925,000 ounces of silver,” Ibrahimov said.

“Presently, additional drilling work has been completed in the deposit,” the chairman said. “The effectiveness of resource extraction is being assessed. The detailed feasibility study on the sulfide phase of the field is expected to be prepared till the end of 2020.”

“The relevant exploration, research and design work will continue to begin production in the northern part of the deposit, located in Goygol district, potential resources of which are estimated at 500,000 ounces of gold,” Ibrahimov said.

“The volume of gold extracted in Azerbaijan last year compared to the results for 2018 increased by one fifth (21.3 percent), silver - by one third (33.2 percent),” the chairman said.

“Despite that last year, the company planned to extract 50,000 ounces of gold, by the end of the year, 10.4 percent more, or 55,200 ounces of gold, were extracted,” Ibrahimov noted.

“During last year, it was planned to extract 87,400 ounces of silver, while the actual volume exceeded the forecast by 17.9 percent, amounting to 103,000 ounces,” the chairman added.

Moreover, to organize the export of extracted precious metals to the global markets, as well as form Azerbaijan’s gold reserves at the expense of Azerbaijani gold, the State Oil Fund of Azerbaijan (SOFAZ) organized the purchase of 57,000 ounces of pure gold, which makes 95 percent of the total sales volume (about $85 million).

AzerGold CJSC, which began operations in July 2016, is engaged in the study, research, exploration, management of precious and non-ferrous metal deposits, their extraction, processing and sale, as well as the application of new technologies in this area, improving the material and technical base and other work related to the development of this sphere.

AzerGold CJSC sold more than 173,000 ounces of gold and 290,000 ounces of silver in 2017-2020.

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