BAKU, Azerbaijan, Sept. 8
By Fidan Babayeva - Trend:
Azerbaijani mining company, AzerGold CJSC, extracted 39,312 ounces of a major exporting product – gold, from January through August 2020, which is 14 percent more compared to the initially forecasted volume, Head of AzerGold’s Public Relations Department Leyla Sadikhova told Trend.
Sadikhova noted that mining figures were increased thanks to optimization work in production and the introduction of new technological methodologies.
“Over the first eight months of this year, gold has firmly established its position in the top three export products of the country's non-oil sector. The increase in production volumes of AzerGold and the rise in gold prices on world exchanges also contributed to an increase in the volume of currency attracted to the country's economy as a result of export operations,” said Sadikhova.
AzerGold’s representative also said that $68.5 million were gained through the precious metal exports over the reporting period.
Thus, the revenues from the sale of gold and silver for the specifying period increased by 32 percent or $16 million over the year.
The volume of gold mined in 2019 increased by 21.3 percent compared to 2018, while silver - by 33.2 percent.
Despite the fact that the company forecast to produce 50,000 ounces of gold in 2019, it produced 10.4 percent more, that is, 55,200 ounces.
Likewise, 87,400 ounces of silver were predicted to produce during 2019, while the actual volume exceeded the forecast by 17.9 percent, reaching 103,000 ounces.
Production figures for 2019 are the record-breaking for the entire period of the Chovdar mining and processing complex.
Last year, AzerGold transferred about 13.5 million manat ($7.9 million) to the state budget.
(1 USD = 1.7 manat on Sept. 8)
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