Azerbaijan launches export of own gold

"The protocol envisages export of gold extracted in Azerbaijan for refining to Switzerland," Vaziri said.

He said that roughly 1,200 ounces of gold will be exported to Switzerland for refining and further sale on the international market in three days.

According to Vaziri's forecasts, export of Azerbaijani gold will total 2,000 ounces in August but 4,000-4,500 ounces monthly in September.

"We intend to sell gold at world market prices," Vaziri said.

Quotation of August futures for gold increased $11.30 up to $948.80 for troy ounce after trades on COMEX and New York Mercantile Exchange.

R.V.Investment Group Services LTD holds 51 percent and Azerbaijan 49 percent share in the project on gold extraction from Gadabay field.

Operations are conducted in Gadabay field under the contract signed between Azerqizil (the ministry of ecology and natural resources) and U.S R.V.Investment Group Services LTD in 1997. The contract envisages development of 9 gold fields of Azerbaijan. Gold reserves were preliminary estimated at 430 tons of gold, 2,500 tons of silver and 1.5 million tons of copper.

Azerbaijan International Mining Company (AIMC) operational company headed by RV Investment Services Grou? LLC launched exploitation in autumn 2005.

/Trend Capital/