19 Nov 2018 15:07

Azerbaijan cuts gold output more than 30% in 10M

BAKU. Nov 19 (Interfax) - Azerbaijan reduced gold production 30.3% year-on-year in January-October 2018 to 3,558.8 kg, the State Statistics Committee told Interfax.

Gold production came to 202.1 kg in October alone.

All the gold was shipped for refining.

Azerbaijan increased gold production 3.4-fold to 6,390.8 kg in 2017.

Azerbaijan mines most of its gold and silver at the Gedabek and Gosha fields in its western regions under a production-sharing agreement signed back in 1997 with Britain's Anglo Asian Mining (AAM) Plc, under which the country has a 51% stake and the investor 49%. The contract is for the development of six fields in Azerbaijan, two of them in Gedabek, which is 450 km from Baku, one in Nakhichevan and three in Kelbajar and Zangelan in Nagorny Karabakh.

According to the contract, the six deposits should yield 400 tonnes of gold.