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Azerbaijan's AzerGold CJSC reveals 2020 revenues from export of gold, silver

Business Materials 25 January 2021 17:25
Azerbaijan's AzerGold CJSC reveals 2020 revenues from export of gold, silver

BAKU, Azerbaijan, Jan. 25

BY Fidan Babayeva – Trend:

Azerbaijani economy received income of 186.5 million manat ($109.7 million) thanks to the export of gold and silver produced by local AzerGold CJSC to the global market, Zakir Ibrahimov, Chairman of the AzerGold board, said, Trend reports citing the company.

Ibrahimov made the speech at an online meeting on 2020’s results and 2021’s upcoming tasks.

The chairman said that AzerGold has successfully completed the activity plan for 2020, despite the difficulties of the coronavirus pandemic, the tasks set last year were fully met.

He noted that last year, the company’s production figures, as well as production plan in 2020, increased compared to 2019.

“AzerGold continued its activities to commission new mines in the regions in 2020 and increase economic efficiency. In order to develop new fields, as well as to ensure the sustainability of the achieved positive rates of economic growth with higher dynamics, the company has successfully implemented the issue of bonds worth $20 million, first issued into circulation,” said the company.

“At the same time, the Agyokhush 1 field discovered by AzerGold was put into operation on November 30, 2020, and without the construction of a new processing plant and appropriate infrastructure, the operation and processing of rocks at the Chovdar processing site (ÇFES) began. The first step has been taken to create the Chovdar regional integrated center, which in the future will be expanded through the commissioning of new fields on the basis of this processing area,” the message noted.

“Last year, the company continued intensive exploration and research work on schedule in preparation for the development of new fields. During the reporting period, in accordance with the plan of activities of the company for 2020, drilling work was carried out at a depth of 75,778 meters to commission new fields in promising areas,” said the message.

“AzerGold will continue its activities to commission new mines in the regions this year as well. According to the approved plan, as a result of the exploitation of the next stages of the ‘Agyokhush’, ‘Marakh’, ‘Narchala’ deposits, as well as the sulfide stage of the ‘Chovdar’ deposit, including ‘Tyullallar’, ‘Filizchay’, ‘Garadag’, ‘Kharkhar’, ‘Mazymchay ‘and other fields in 2021-2027, respectively, with the commissioning of Kharkhar, Mazymchay and other fields, billions of manats will be attracted to the country's economy, thousands of new jobs will be created, all this will have a positive effect on the socio-economic development of the regions. The implementation of these projects will transform the company into a large regional mining company, the country's largest non-oil exporter,” said the message.

During the meeting, Ibrahimov noted that by the Order of President Ilham Aliyev dated September 1, 2020, on entrusting AzerGold CJSC with conducting research, exploration, development, and management of deposits of ferrous metal ores in the country was the result of the high confidence of the head of state in the company's activities.

Furthermore, a wide discussion was held on the work done and planned in this direction, as well as the general plan of events for 2021 was approved for submission to the Supervisory Board of AzerGold CJSC.

At the end of the discussions, appropriate instructions were given to promptly resolve the issues raised.

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