AzerGold increases gold and silver production in 2021

December 28, 2021 12:29 p.m. (UTC + 04:00)

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By Ayya Lmahamad

Azerbaijani AzerGold CJSC board chairman Zakir Ibrahimov said the company increased gold production by 2% in 2021, Trend reported.

He noted that AzerGold has produced 61,500 ounces of gold since early 2021. It should be noted that last year the company produced 60,000 ounces of gold.

Speaking of silver production, Ibrahimov pointed out that more than 135,000 ounces of silver have been mined since early 2021, 11% more than last year. It is worth noting that last year the company mined 121,000 ounces of silver.

The chairman of the board added that the demand for gold and silver items in the domestic market increased sharply amid changes to tax and customs laws in early 2021.

“After the importation of gold articles was exempted from excise duty and the sale of gold and silver from VAT, retail sales resumed. So far, we have sold a total of 3,660 ounces of gold and 14,600 ounces of silver in the domestic market, ”he said.

He mentioned that AZN 11.6 million ($ 6.8 million) was attracted to the company’s budget, due to these sales, which is seven times more than last year. Ibrahimov added that 966 ounces of gold and 14,500 ounces of silver were sold as raw materials in the domestic market.

“Thanks to these sales, we were able to attract AZN 3.7 million ($ 2.2 million) in our budget (30% of total sales in the domestic market),” he said.

Ibrahimov also said that 2,694 ounces of gold and 86 ounces of silver are sold domestically as finished products.

“Some AZN 7.9 million ($ 4.6 million) (70 percent of total domestic sales) were drawn into sales as a result of the sale of these products,” said he declared.

AzerGold CJSC is a national mining company, which was established on February 11, 2016, by Presidential Decree. In 2020, the company’s net income increased by approximately $ 35.8 million from 2019 and topped $ 48.2 million.

Ayya ​​Lmahamad is the reporter for AzerNews, follow her on Twitter: @AyyaLmahamad

Follow us on twitter @AzerNewsAz

About Natalee Broderick

Natalee Broderick

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