Azerbaijan’s Central Bank takes in 362.6 kg of gold on deposit
Baku, Azerbaijan, July 29
By Azad Hasanli – Trend:
The Central Bank of Azerbaijan (CBA) has accepted the deposit of 362.6 kilograms (11,655.2 troy ounces) of gold which was purified in Switzerland, said the country’s Ministry of Finance.
The Ministry stated that gold, which was produced at the “Gadabay” mines and refined in Geneva, was turned over to the CBA by the State Service for Control on Precious Metals and Stones of the Ministry of Finance.
Earlier, the government of Azerbaijan accepted on deposit 1,529.1 kilograms of gold bars (49,158.6 troy ounces) of millesimal finesse 999.9.
In total, up until today, 1,891.7 kilograms (60,813.8 troy ounces) of gold was turned over to the Central Bank of Azerbaijan on deposit. Current market value of this gold is $75.8 million.
Based on the production sharing type of an agreement signed with the government of Azerbaijan in August 1997, “Anglo Asian Mining” PLC has the rights of development of six mining fields in south-west of Azerbaijan, including “Gadabay”, “Ordubad”, “Gosha Bulag”, “Gizil Bulag”, “Vejnali” and “Soyutlu”.
The gold produced at the mining fields after purification in Switzerland is being brought back to Azerbaijan and deposited in the government’s account.