Chairman: AzerGold generates nearly $1B in revenue from sales

Over the past 9 years, AzerGold CJSC has generated 1.691 billion manats ($995 million) in revenue from the sale of gold and silver in local and foreign markets, according to Zakir Ibrahimov, Chairman of the Board of AzerGold, Report informs.

He made the remark at the International Geology-Mining Forum held in Nakhchivan city, Azerbaijan, organized by the Ministry of Ecology and Natural Resources of the Nakhchivan Autonomous Republic and supported by the Plenipotentiary Representative of the President of Azerbaijan in the autonomous republic.

According to Ibrahimov, 94% of these funds (1.592 billion manats or $936.4 million) were obtained from exports: "As a result of our productive activities, 224 million manats ($131.7 million) from the generated revenues have been paid to the state budget in the form of taxes and social contributions."

The chairman noted that currently gold is the non-oil product that brings the most foreign currency to Azerbaijan: "With the increase in export opportunities, we plan to make more contributions and become one of the country's leading taxpayers with an annual turnover of 1 billion manats ($588.2 million) over the next 5 years."