BAKU, Azerbaijan, July 29
By Sadraddin Aghjayev – Trend:
Azerbaijan’s AzerGold CJSC plans to start production of iron ore until the late 2022, a source in the company told Trend on July 29.
According to the source, international geological consulting companies have already been attracted to start the development of the field, geological data have been digitized, research and drilling have been carried out.
"Along with the start of iron ore mining, it’s also planned to start production of iron ore raw materials in 2024. This work will greatly contribute to Azerbaijani economy and positively impact the domestic needs of metallurgical companies, reduce dependence on imports of metallurgical products and allow Azerbaijan to become their exporter,” the source said.
Azerbaijan's import of metallurgical products is estimated at 1.7 billion manat ($1 billion).
The company will also be able to start production of flat steel products in Azerbaijan, which will contribute to GDP of about 6.8 billion manat ($4 billion) by 2035. The share of tax deductions will account for about 556 million manat ($327 million). The implementation of the projects will create an additional 3,300 jobs, added the source.
The total volume of potentially usable, economically efficient ores at the Dashkesan ore deposit, owned by Azerbaijan's AzerGold CJSC, is 597,000 ounces.
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