Azerbaijan gets over $20M from export of gold, silver

Azerbaijan’s AzerGold CJSC sold a batch of gold and silver on the world stock exchange, gaining profit worth $20.905 million (35.6 million manats).

"Seventy two gold-silver alloys extracted by AzerGold at the Chovdar mining complex processing gold-bearing ores in Azerbaijan’s Dashkesan district were sent for refining to the world-renowned Argor-Heraeus gold refinery in Switzerland," AzerGold said, according to AzerTag.

AzerGold first exported gold and silver in May 2017, selling 66 gold-silver alloys, 16,000 ounces of which accounted for gold, 24,000 ounces – for silver. The first batch brought Azerbaijan the income in the amount of $20.118 million (34.2 million manats).

According to the message, refined gold and silver, which were sold on the international exchange in the second batch, brought AzerGold the profit worth millions of dollars.

The total weight of exported gold-silver alloys was 1,283 kilograms, 16,300 ounces of total volume accounted for gold, 22,200 ounces – for silver.

It is planned to increase the volume of gold and silver extracted in the Chovdar mining complex for export up to 160,000 ounces (70,000 ounces of gold, 90,000 ounces of silver) by the end of 2017.

According to the estimates, taking into account the current prices for precious metals, the profit obtained from the sale of this volume of gold and silver will reach $85 million (approximately 145 million manats).


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