Azerbaijan sharply increases gold production

Baku. 21 March. REPORT.AZ/ Gold mining in Azerbaijan in January and February this year amounted to 336.0 kg, which is 64.4% more compared to the same period last year.

Report informs referring to the State Statistical Committee, in the reporting period decline in silver mining observed.

Thus, production decreased by 79% and amounted to 12.2 kg.

Gold mining in Azerbaijan on an annualized basis increased by 15.6% and in 2014 amounted to 1 872.5 kg.

Gold and silver mined in Azerbaijan in the framework of the contract such as PSA (production sharing), signed on 21 August 1997.The Treaty provides for the development of six fields: in Nakhchivan - 1 Gedebey - 2, Kalbajar and Zangilan- 3, which are currently under Armenian occupation. According to the contract Azerbaijan's share is 51%, the British company Anglo Asian Mining Plc - 49%.The first gold production in Gadabay field began in 2009.

In 2014, Azerbaijan discovered several gold deposits.At present, computational works carried out in these fields.