In 2019, the Azerbaijani economy earned a total of 145 mln AZN from the sale of precious metals. Approximately 142 mln AZN of this revenue fall on the sale of gold and the rest on the sale of silver. Objectives regarding the sale of gold and silver have been determined for this year.

The increase of the price of gold on world markets speeds up the currency flow in our country as well. Thus, Azerbaijan intends to increase gold production. “AzerGold” CJSC has already identified its goals regarding the gold and silver sale – the sale of 55.2, 000 ounces of gold and 103.7, 000 ounces of silver. Overall, throughout 3 years, 400 mln AZN have been attracted to the country by the sale of over 173, 000 ounces of gold and 290, 000 ounces of silver. The production is expected to grow after Agyokhush and Marah areas of Chovdar field located in the north of Dashkasan region are commissioned.

The underground sulfide phase of Chovdar field is planned to be commissioned in 2024. Works are also underway to launch the production in the northern part of “Tulallar” field located in Goygol region.

Works to be carried out are not limited with this. One of the biggest fields of Europe – “Filizchay” field will be commissioned in 2025. The initial ore reserves consisting of zink, gold, silver, copper and lead are forecast to be about 60 million tons. When it comes to the purification of gold, experts consider than this is not profitable yet.

Experts also say that if the jewelry market of the country develops, the establishment of such facilities in Azerbaijan may be efficient.

It is noteworthy that “Azergold” CJSC has also launched the sale of gold and silver for the manufacturing of jewelry products.

Due to the latest geopolitical events in the world, one ounce of gold is approaching 1, 700 USD on world stock markets. It will also have an impact on Azerbaijan, in other words, the volume of funds entering the country’s budget will also increase.

Sadagat Suleyman