Azerbaijan records explosive growth of gold production

Azerbaijan records explosive growth of gold production

Azerbaijan, which started industrial production of gold in July 2009 and publication of accompanying silver production in 2010, managed to inflate production of gold by 2.2 times, but reduced production of silver by 7.4% for 2017. At that, gold reserves, which were almost set to nil in April, restored in May.

The State Statistics Committee (SSC) informs that for Jan-May 2017 the country extracted 1,891.9 kg (including 1,410.1 kg in May) of precious metals that is by 1.999-fold more than a year before. Stock reserves of precious metals as of 1 June 2017 totaled 46.6 kg (+27.3 kg in May).

Over Jan-May 2017 production totaled 1,741.6 kg of gold (+1,369.3 kg in May) and 109.7 kg of silver (+40.6 kg in May). At that, stock reserves of gold totaled 21.1 kg (+17.7 kg in May) and silver 11.1 kg (-4.8 kg in May).

The Environment & Natural Resources Ministry estimates that the country is able to produce about 10-15 tons of gold per annum, abc.az reports.

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