27 February, 2020

AzerGold CJSC increase in mining of non-ferrous metals in Azerbaijan

Chairman of the Executive Board of AzerGold Zakir Ibrahimov said at a company’s press conference that as a result of exploration, the total non-ferrous metal reserves at the sites of Azerbaijani Azergold CJSC mining company increased by more than 20 times. Ibrahimov added that the extraction and export of these reserves will bring benefits to the country’s economy in the amount of several billion manat.

At the same time, the implementation of these large projects requires appropriate financial resources, the chairman of the executive board said.

Ibrahimov said that to achieve these goals, the company is going to attract financing from both local and international financial institutions, and the company’s equity should be at the appropriate level.

He added that the authorized capital of the company increased from 2 million manat ($1.1 million) to 37 million manat ($21 million).

AzerGold CJSC, which began operations in July 2016, is engaged in the study, research, exploration, management of precious and non-ferrous metal deposits, their extraction, processing and sale, as well as the application of new technologies in this area, improving the material and technical base and other work related to the development of this sphere.

In 2017-2020, AzerGold CJSC sold more than 173,000 ounces of gold and 290,000 ounces of silver.

Source: menafn.com