Azerbaijan launches export of own gold

Azerbaijan launches export of own gold

Azerbaijan, Baku, July 21 / Trend U. Ismayilova /

RV Investment Group (deals with development of gold fields) and the Azerbaijani government signed the protocol on Azerbaijani gold export on July 21, founder and president of the company Reza Veziri said on July 21. 

"The protocol envisages export of gold extracted in Azerbaijan for refining to Switzerland," Veziri said.

He said that roughly 1,200 ounces of gold will be exported to Switzerland for refining and further sale on the international market during three days. 

According to Veziri's forecasts, export of Azerbaijani gold will hit 2,000 ounces in August but 4,000-4,500 ounces monthly in September.

"We intend to sell gold at world market prices," Veziri said.

Quotation of August futures for gold increased $11.30 up to $948.80 for troy ounce as a result of auction on COMEX, New York Mercantile Exchange NYMEX. 

R.V.Investment Group Services LTD has 51 percent of share holding in the project on gold extraction from Gedebey field. Azerbaijan has 49 percent of share holding in Gedebey project. 

Operations are held in Gedebey field upon the contract signed between Azerqizil (the ministry of ecology and natural resources) and U.S R.V.Investment Group Services LTD in 1997. The contract envisages operations at 9 gold fields of Azerbaijan. Gold reserves were preliminary estimated to the amount of 430 tons of gold, 2,500 tons of silver and 1.5 million tons of copper. 

Azerbaijan International Mining Company (AIMC) operational company headed by RV Investment Services Grouр LLC launched exploitation in autumn 2005.

On July 21, the official exchange rate is 0.8041 manat to $1.

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