TODAY.AZ / Business

$1,76m allocated to commission Dashkasan iron ore deposit

07 August 2020 [10:00] - TODAY.AZ

By Azernews

By Akbar Mammadov

Azerbaijani President Ilham Aliyev has signed an order to put into operation the Dashkasan iron ore deposit, which is the only iron ore deposit in the South Caucasus with an estimated industrial reserves of around 300 million tons.

Under the order, initially $1.76 million (AZN 3 million) will be allocated to AzerGold mining company from the amount specified in the relevant paragraph of the "Distribution of funds for state capital investment (investment expenditures) in the state budget for 2020.

The allocated fund will be used to prepare a preliminary assessment document in connection with the commissioning of the Dashkasan iron ore deposit.

The Ministry of Finance will provide the funding of the allocated money, and the Cabinet of Ministers and the Ministry of Economy will focus on other issues arising from this order.

Dashkasan iron ore deposit is the only iron ore deposit has proven reserves of 270 million tons. The iron content of the ore varies mainly between 35-45 per cent by deposits.


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