AzerGold holds online meeting on results of 2021 and upcoming tasks

AzerGold Closed Joint Stock Company hosted an online meeting on the results of 2021 and upcoming tasks.

Speaking at the meeting, the chairman of the Executive Board of AzerGold Zakir Ibrahimov noted that, the Company celebrated its 5th anniversary last year.

The chairman pointed out that the Company witnessed a sufficiently successful operation over the past period. Zakir Ibrahimov also brought to the attention that the historical trip of President Ilham Aliyev to Chovdar Integrated Regional Processing Site last year was the highest appreciation and stimulation towards the company’s activities: “The President called the mining sector as the leading industry in the country’s non-oil sector, and also assigned a number of important tasks to the Company”.

The Chairman said that upon timely and proper operation of non-ferrous and ferrous metal deposits in accordance with the road map within the framework of the Company's strategy document, the mining industry, as a key industry of the non-oil sector, will make additional contributions to the sustainable development of the economy. Besides, non-ferrous metal reserves in our liberated territories will play a major role in the future development of this sector. Ibrahimov also noted that the initial research work launched by the Company in the field of "Tutkhun" gold occurrence last year will have a positive impact on the socio-economic development of not only Kalbajar, but also the East Zangazur economic region as a whole. He stressed that the Company would support the government’s policy to be adopted in this field in future.

The Chairman informed the participants that within the framework of strategic goals, the production, sales, geological exploration, as well as other works were carried out above the plan and within the schedule last year. The attendees were enlightened about the work conducted on gold, polymetallic and iron ore deposits, the sale of precious metals in international and domestic markets, geological exploration and research, financial performance, the activities of subsidiaries and other results.

It was noted that a number of important actions were taken last year towards increasing the efficiency of the use of mineral resources and optimizing the production processes. In the reporting year, production reached 61.5 thousand ounces of gold and 134.4 thousand ounces of silver. Thus, gold production exceeded the plan by 11%, while the silver production by 55%. Compared to 2020, in 2021, gold production increased by 2.5% and silver production by 10.9%.

The meeting also addressed the projects aimed at forming a metallurgical raw material base in the country. Besides, the steps to be taken within the short term to extract iron ore deposits and replace scrap metal, as well as to meet the demand for raw materials for the production of better-quality metallurgical products and the contribution to the country's economy were discussed, as well. The Chairman noted that the activities will be realized in two phases. The first phase envisages the production of high-iron ore concentrate, while the second phase does the production of direct reduced iron (or sponge iron).

Then the heads of relevant departments made presentations on the work done this year and the implementation status of projects.

With the view to accelerate the actions towards the launch of new deposits, enhance the geological exploration for increasing the reserves, maintain growth dynamics in all areas, domestic retail sales of gold and silver products, contribute to the development of the jewelry market, staff training, corporate social responsibility, which is one of priorities of the Company, and environmental protection measures, Zakir Ibrahimov presented the upcoming tasks of the Company.

The meeting further focused on the work to be done in the first half of 2022.