Azerbaijan to up gold reserves

Another batch of gold bars in the amount of 4900 gold ounces (152.4 kiilograms) has been turned in for storage to the Central Bank by Azerbaijani Ministry of Finance, the ministry report says.

The gold, mined at Gedabek gold mine and sent to Switzerland for treatment, falls to Azerbaijan's share in the framework of the contract on development of this field, - the report says.

16512.9 troy ounces (513,6 kilograms) of the gold from Gedabek mine was previously turned in to the Central Bank for storage.

21413,4 troy ounces of gold (666 kilograms) to the cost of 37.8 million dollars is currently turned in to Central Bank of Azerbaijan for storage

Anglo Asian Mining PLC Company has rights to the development of 6 following mines in the south-west of Azerbaijan, based on the PSA type contract signed in August of 1997 in Azerbaijan: Gedabek, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali, Soyutlu.

400 tons of gold, 2500 tons of silver and 1.5 tons of copper is planned to be mined according to the contract.

The mined gold is sent to Switzerland for treatment. Gold bars are brought to Azerbaijan and stored in the account of government.

Silver and gold have first been mined in Gedabek mine in May of 2009.


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