BAKU, Azerbaijan, July 6
By Zeyni Jafarov - Trend:
A development strategy for AzerGold CJSC has been developed for the period up to 2035 to ensure sustainable development of the Azerbaijani mining industry, Trend reports on July 6 referring to the chairman of the board of AzerGold CJSC Zakir Ibrahimov.
“It is planned to completely eliminate dependence on the state budget for non-ferrous metals by 2025 within the strategy,” Ibrahimov added.
“This strategy is being renewed taking into account the changing economic requirements and the company has already managed to greatly reduce its dependence on the state budget,” the chairman of the board said.
"AzerGold has successful experience of giving funds required for the implementation of the projects through corporate financing instruments and over the past year the company issued bonds in the amount of $20 million,” Ibrahimov added.
“The profitable investment opportunities were created for a wide audience thanks to the successful issue of securities and the implementation of the projects was accelerated through an alternative source of financing," the chairman of the board said.
“AzerGold has no obligations on bank loans today,” Ibrahimov said. “Proceeding from the preliminary results of the financial audit of the company which is under completion, it is possible to say that for the first time the company will pay dividends to the state, which is its shareholder.”
------
Follow the author on Twitter: @jafarov_zeyni