17 Jan 2024 13:04

Azerbaijan expected to increase gold mine output to over 3 tonnes in 2024

BAKU. Jan 17 (Interfax) - Azerbaijan will mine 3,083.5 kg of gold and 4,831.1 tonnes of copper in 2024, the country's government forecast.

Gold production is subsequently forecast to grow to 3,108.4 kg in 2025 and to 3,124 kg in 2026, a government official told Interfax. Copper production is expected to total 5,300 tonnes per year in 2025-2026.

Azerbaijan mined 2,507.9 kg of gold in the first 11 months of 2023, 16.4% less than in the same period a year earlier. Gold mine output slumped 5.3% to 3,174.7 kg in 2022.

Precious metals are currently produced in Azerbaijan by state company AzerGold and UK-based Anglo Asian Mining Plc, which holds the development rights to eight contract areas and a 49% stake in a production sharing agreement.