TODAY.AZ / Business

Azerbaijan's gold exports more than double

20 February 2020 [15:13] - TODAY.AZ

By Azernews

By Rasana Gasimova

In 2019, Azerbaijan more than doubled its gold exports, exporting as much as 4,802 kg of gold worth $172 million 435,300. The entire volume is exported to Switzerland, local media reported.

In 2018, gold exports from Azerbaijan amounted to 2,904 kg worth $118 million 39,420. Thus, during the reporting period, gold export increased  quantitatively by 65.4 percent, and by 46.1 percent in value.

As to the imports, Azerbaijan imported about 50 tons of gold in 2019. The country imported as much as 49,660 kg of semi-processed gold worth $2 billion 111 million 769,550. In the fourth quarter of the year, gold was not imported into the country.

In 2018, gold imports to Azerbaijan amounted to 20,509 kg worth $814 million 993,100. Thus, the country’s gold imports increased in quantitative terms by 2.4 times, and by 2.6 times in value.

During the reporting period, Azerbaijan imported gold from Switzerland, Canada, the USA, Australia and Brazil.

In 2019, 3,711 kg of gold was mined in Azerbaijan, which indicates a 6.8 percent increase compared to 2018.

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

AzerGold is engaged in the study, research, exploration, development and management of the gold-bearing and iron-ore areas of Garadagh, Chovdar, Goydag, Daghkesaman, Kohnamadan sites and the Kurekchay field.

Anglo Asian Mining Plc. is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.

In January 2020, Azerbaijan produced 404.9 kg of gold and 540.4 kg of silver. This is a 63 percent increase compared to the figures of 2018.


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