Azerbaijan intends to receive over AZN 3 bn more from operation of main gold fields


July 10, Fineko/ AzerGold continues development of the feasibility study on operation of a ground ore layer on Chovdar field

AzerGold’s chairman Zakir Ibrahimov has stated that economic evaluation is developed with participation of an international consulting company.

"It is planned to start production from Chovdar field in 2021. According to preliminary calculations, within the framework of the 6-year operation of the project, it is planned to receive an income of more than AZN 400 million. In addition, work is underway on active exploration and research in the near and far areas of the field to increase its reserves," Ibragimov said.

He pointed out that a preliminary document on the economic assessment of polymetallic field Filizchay, located in Balaken district and is of great strategic importance not only for Azerbaijan but also for Europe in terms of resources of copper, zinc, silver, gold, lead, is being prepared by an authoritative international consulting company. By the end of this year the preparation of the report will be organized as well as the next step of metallurgical, laboratory, geotechnical and environmental studies, socio-environment impact assessment and preparation of the feasibility study.

"The country’s economy is expected to receive about AZN 3 bn and more than 2,000 jobs will be opened as a result of at least 12-year operation of Filizchay field. In addition, drilling works are being carried out on the territory of Mazimchay field located in Balakan district in order to confirm reserves," Ibragimov said.

AzerGold’s chairman said that as a result of complex geophysical studies with the use of the most modern equipment in the area of Ortakend, located in the territory of Nakhchivan Autonomous Republic, the first positive shows of copper, gold and other non-ferrous metals were registered. Drilling operations and work on the calculation of reserves began.

Exploration work is underway on discovery of new fields in the country. Thus, as a result of those works, a promising gold-ore section Agyohush was discovered in the Goygol administrative district. Conducted geophysical work gave a positive result and by the end of 2018 it is planned to conduct drilling operations and calculate reserves. At the same time a preliminary action plan on the field was made to confirm existing reserves of promising gold ore field Tyulallar and as the next step – research work. Financial sources, including potential investors and prospects for cooperation with strategic partners, are being considered to ensure the duration and timely implementation of envisaged works.


Keywords: AzerGold