Azerbaijan has sharply reduced gold production

Azerbaijan’s gold production totalled 675 kilograms in January-May 2010, the Azerbaijan State Statistics Committee said. In May, the production stood at 153 kilograms as compared to 200 kilograms in April (all time highest monthly indicator), 125 kilograms in March, 97 kilograms in February and 98 kilograms in January 2010. A total of 330 kilograms of gold was extracted in the country from July 2009 till January 1, 2010.

Since July 2009, the volume of production was equivalent to 32,411.6 troy ounces, including 3,151.1 ounces in January, 3119 ounces in February, 4019.3 ounces in March, 6430.9 ounces in April and 4919.6 ounces in May 2010.

Previously, founder and president of RV Investment Group Reza Vaziri said that high gold prices prevailing on world markets will help to recompense investment on gold mining very soon.

"After the investments recompense, the government will receive 51% of exports. At current prices the recompense can take 3-4 years instead of 7-9 years specified in the contract," Vaziri said.

Nearly $ 70 million has been invested in gold mining in Gedabey region of Azerbaijan so far.  

“Around 5,000 troy ounces of Azerbaijani gold has been exported so far. About 4,700 ounces were our share as PSA contractors and 465 ounces were the share of the Azerbaijani government. This gold is kept in Switzerland now. However, there are plans to expand exports up to 40 million ounces in 2009. Possibly, 60,000 ounces will be exported from the Gadabey deposit next year,” head of the company said earlier.


/Vesti.az/