AzerGold earns nearly $700M from sale of gold and silver

AzerGold CJSC earned 1.19 billion manats ($690 million) as a result of the sale of gold and silver in 2017-2023, Zakir Ibrahimov, Chairman of the Board of Directors of AzerGold CJSC, said at the press conference dedicated to the results of 2023 and future tasks held today, Report informs.

According to him, a total of 68,100 ounces of gold and 119,800 ounces of silver were sold in the local and international markets last year. Compared to 2022, a 7% increase in the total volume of gold sales was recorded.

"Of the mentioned total sales volume, 62,100 ounces of gold and 90,800 ounces of silver were sold in international markets. According to the demand of the domestic market, 6,000 ounces of gold and 29,100 ounces of silver were sold in the form of raw materials and finished products. Thus, total sales (domestic and foreign market together) for 2017-2023 were 416,000 ounces of gold and 853,000 ounces of silver," said Ibrahimov.

He noted that in the reporting year, as a result of the sale of gold and silver in the international and local markets, the company posted 232.8 million manats ($136.77 million) of income: "Compared to 2022, a 15% increase in total sales revenue was recorded. Exports account for 210.1 million manats ($123.46 million) of this amount, and domestic sales account for 22.7 million manats ($13.34 million). Export revenues increased by 11% compared to 2022, and sales revenues in the domestic market increased by 81%. In 2023, 97.9% of the revenues obtained from the total sales of precious metals were obtained as a result of the sale of gold."