11:59 - 23.01.2025

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January 23, Fineko/abc.az. Despite the fact that the production of precious metals in Azerbaijan has partially recovered since last year, it is noted that the annual production figures have not reached the previous result.

ABC.AZ informs that in 2024, about 2,663 kg of gold and 3,185 kg of silver were extracted in Azerbaijan.

According to the State Statistics Committee, gold production fell by 3.5% year-on-year, while silver production by 14%.

The reason for the drop in production over the past two years is that in 2023, a company engaged in the production of gold and silver in the area ceased operations due to environmental problems in Kedabek. UK’s Anglo Asian Mining plc in Azerbaijan has announced the start of production from the last two quarters of 2024.

Azerbaijan sold 3,464 kg of gold for $163.4 million abroad in first 10 months of 2024.

Gold rose from $2,000 to $2,700 per ounce last year due to interest rate easing by global central banks and geopolitical risks.