AzerGold invested $92 mln in ore projects in 2023

BAKU. Jan 30 (Interfax) - AzerGold invested 157 million manat or about $92.4 million at the current rate in ore projects in 2023, the Azerbaijani miner's CEO, Zakir Ibrahimov, said at a press conference on Tuesday.

"AzerGold's investments in ore projects amounted to 550 million manat since the company started to operate [in 2026], of which 8%, or 45 million manat, came from the state budget. Projects related to iron ore production are currently being financed by the budget," Ibrahimov said.

AzerGold was established by a presidential decree dated February 11, 2015 and is one of Azerbaijan's two gold mining companies. It is currently mining and exporting gold from the oxide or near-surface phase of the Chovdar hardrock gold deposit and has been working in the first stage development of the Aghyokhush deposit since November 2022, Marah deposit since July 2021 and Tulallar deposit since February 2023. The company also prospects, explores, develops and operates iron ore fields.

Ibrahimov said AzerGold and its subsidiaries paid 38.4 million manat tax and 7.6 million manat in dues to the state social welfare fund in 2023.

He said earlier that AzerGold had raised gold production 3% to 63,700 oz and silver 6% 114,300 oz in 2023 with production targeted to rise 9.9% to 70,000 oz gold and 37.2% to 156,800 oz silver in 2024.

Revenue from the sale of gold and silver in Azerbaijan and abroad grew 15% to 232.8 million manat or $137 million in 2023.