14 C
Belgrade
Supported byspot_img
spot_img

Gold and silver mining increased in Azerbaijan in Q1 2020

Member of Europium Groupspot_img
Supported byspot_img

Siting the State Statistics Committee, local media reported that in the period of January-March the volume of Azerbaijan’s gold and silver mining industry increased by 23 percent and 72 percent respectively year-on-year. As of April 1, 2020, the reserves of mined silver in the warehouses of manufacturing companies are 34.9 kg. Gold mining increased by 23 percent in the first quarter of 2020, amounting to 948.3 kg, while silver mining amounted to 1,193 kg, an increase of 73%.

 

The extracted gold and silver have been transferred for processing, the report says.

Presently, two companies – AzerGold and Anglo Asian Mining – are operating in the sphere of mining of precious metals in Azerbaijan.

Supported by

In 1997, Azerbaijan signed a contract providing for the development of six fields: one in Nakhchivan, two in the Gadabay region of Azerbaijan (450 km west of Baku) and three in Kelbajar and Zangelan, currently occupied by the Armenian armed forces. Azerbaijan’s share in the contract is 51%, Anglo Asian Mining PLC – 49%.

According to the contract, a total of 400 tons of gold is planned to be extracted from these 6 deposits.

The extraction of the first gold began in 2009 from the Gadabay deposit, the extraction of silver – in 2010. Gold mining began at Gosha in the third quarter of 2013. In the summer of 2015, the company also commissioned the Gadir gold mine, and in September 2017, the Ugur mine.

AzerGold CJSC, established in 2015, is engaged in gold and silver mining. The company is engaged in the study, research, exploration, development and management of the gold and iron ore sections of Garadag, Chovdar, Heydag, Dagkeseman, the Kokhnemeden section and the Kuryakchay basin.

Source: menafn.com

Supported byElevatePR Digital

Related News

Exploring Guyana’s untapped gold wealth: A look at the Guiana Shield’s potential

Guyana boasts a rich history of gold mining, now shifting focus to its largely underexplored regions with significant potential for major discoveries. The nation’s mineral...

Saudi Arabia to acquire minority stake in Pakistan’s Reko Diq copper and gold mining project with $1 billion investment

Saudi Arabia is poised to acquire a minority stake in the Reko Diq copper and gold mining project in Pakistan, as reported by Gulf...

Dundee Precious Metals’ Ada Tepe gold mine in Bulgaria sees Q3 gold production shortfall

Canada-based Dundee Precious Metals (DPM) announced that its Bulgarian mine, Ada Tepe, produced approximately 16,200 ounces of gold in the third quarter, falling short...

Burkina Faso considers revoking mining permits from foreign firms amid political shifts

Burkina Faso, a prominent gold producer in Africa, is reportedly weighing the option of revoking mining permits held by several foreign companies. In a...
Supported by
Supported by
Supported by
error: Content is protected !!