MINEX Forum

Tag: AzerGold

  • Azerbaijan’s Mining Sector: A New Catalyst for Non-Oil Exports

    Azerbaijan’s Mining Sector: A New Catalyst for Non-Oil Exports

    Azerbaijan’s mining sector is increasingly becoming a significant contributor to the country’s non-oil exports, as evidenced by the latest trade data from the first half of 2026. The country reported a remarkable $202.2 million in primary non-oil gold exports, alongside substantial figures for raw copper concentrate at $135.9 million and aluminum products at $58.9 million. However, a crucial detail in the trade report indicates that the gold exports exclude monetary gold, which has led to some misconceptions regarding the relationship between gold imports by the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and the country’s export figures.

    The distinction between monetary and non-monetary gold is vital for understanding Azerbaijan’s economic landscape. Monetary gold, held as a reserve by central banks and sovereign wealth funds, does not impact the current account but rather the financial account of the balance of payments. In contrast, non-monetary gold, which is mined and sold on international markets, is reflected in the trade statistics. The $202.2 million in gold exports is attributed to local mining operations rather than SOFAZ’s reserve strategies.

    Key players in this burgeoning mining sector include Anglo Asian Mining PLC and AzerGold CJSC. Anglo Asian Mining has been active in Azerbaijan since the mid-2000s, expanding its operations in the Gadabay and Gosha fields, while AzerGold focuses on the Chovdar mine and other extraction sites. The increase in copper exports, which surged from $12.3 million in H1 2025 to $135.9 million in H1 2026, underscores the growth of the domestic mining industry, driven by enhanced production capabilities and favourable international prices.

    The implications of these developments extend beyond mere export figures. Traditionally reliant on agricultural exports, Azerbaijan is witnessing a shift as mining gains prominence in its non-oil export strategy. The combined revenue from gold, copper, and aluminum reached $397 million in just six months, signalling a potential transformation in the country’s economic focus.

    Furthermore, the geographic aspect of mining development aligns with Azerbaijan’s broader reconstruction strategy, particularly in areas bordering the liberated territories. As geological surveys and mining activities expand into these regions, the contribution of the mining sector to non-oil exports is expected to grow even further in the coming years, despite fluctuations in global commodity prices.

  • Kyrgyzaltyn and AzerGold Forge Cooperation in Precious Metal Mining

    Kyrgyzaltyn and AzerGold Forge Cooperation in Precious Metal Mining

    Kyrgyzaltyn OJSC and AzerGold CJSC have entered into a memorandum of mutual cooperation during a state visit to Kyrgyzstan by Azerbaijan’s President Ilham Aliyev. This agreement is designed to enhance collaboration between the two companies in the precious metal mining and processing sectors. The signing of this memorandum is part of a broader set of bilateral agreements that emerged from discussions between Kyrgyzstan’s President Sadyr Zhaparov and President Aliyev.

    The memorandum signifies a commitment to strengthen ties in the mining industry, which is crucial for both nations given their respective natural resource endowments. By pooling resources and expertise, Kyrgyzaltyn and AzerGold aim to improve efficiencies in gold extraction and processing, potentially increasing output and profitability for both entities.

    In addition to the mining agreement, the two countries have ratified a Treaty on Alliance Relations, which aims to foster cooperation across various sectors including transport, energy, investment, digital services, and finance. This multi-faceted approach indicates a strategic partnership that extends beyond mining, reflecting a comprehensive vision for economic collaboration.

    The agreement also encompasses additional areas of cooperation, such as the supply of oil and petroleum products, financial market development, statistics, cyber security, and freight transport. This holistic strategy is expected to bolster regional ties and enhance economic stability between Kyrgyzstan and Azerbaijan, paving the way for future joint ventures and investments in key sectors.

    As both nations look to leverage their natural resources and enhance their economic frameworks, this partnership could serve as a model for other countries in the region seeking to collaborate on resource management and economic development. The focus on precious metals, in particular, highlights the growing importance of this sector in the global economy, especially as demand for gold and other precious metals continues to rise.

  • Azerbaijan’s AzerGold discloses volume of investments in mining projects

    Azerbaijan’s AzerGold discloses volume of investments in mining projects

    Until now, Azerbaijan’s AzerGold CJSC has invested 550 million manat ($323.5 million) in the implementation of mining projects, Chairman of the Board of AzerGold Zakir Ibrahimov said during a press conference on the results of activities for 2023.

    He noted that 8 percent, or 45 million manat ($26.4 million), of this amount was provided through allocations from the state budget.

    “These are mainly funds allocated from the state budget in the first years of the CJSC’s operation. Currently, funding from the state budget is carried out mainly for the implementation of iron ore projects, which are a new area of activity,” he added.

  • AzerGold to spend 2 million manats on research

    AzerGold to spend 2 million manats on research

    AzerGold has signed an agreement with Datum for 2 million manats.

    ABC.AZ reports that the agreement envisages purchase of satellite/satellite remote hyperspectral research services in the northeastern part of the Nakhchivan Autonomous Republic and in Kepez-Buzlug-Kyurekchai area.

    The cost of the contract is 1,867,947 manats.

    Datum LLC was registered in 2008. Its authorized capital is 110 manats. Jamal Ismayilov is company’s legal representative.

  • AzerGold is in negotiations with TotalEren and Masdar to develop green projects

    AzerGold is in negotiations with TotalEren and Masdar to develop green projects

    AzerGold is negotiating with TotalEren and Masdar companies to develop green projects.

    As Trend reported on Thursday , Deputy Chairman of AzerGold Oktay Mamedov said this during the “Peak of Industrial Safety 2023” event held in Baku.

    “One of the important areas in the Azerbaijani industry is the transition to green energy. In this regard, negotiations are currently underway with Total Eren and Masdar,” he emphasized.

    Mammadov also noted that Azerbaijan has already begun to work in this direction, using solar panels and green hydrogen for its long-term projects.

     

    It should be noted that the event “Peak of Industrial Safety 2023”, taking place today in Baku, is dedicated to the 100th anniversary of national leader Heydar Aliyev and is being held for the first time in Azerbaijan under the joint organization of the Azerbaijan Industrial Safety Association and the Azerbaijan State Research Institute of Occupational Health and Safety.

  • Chairman of the Board of AzerGold met with the Ambassador of Uzbekistan to Azerbaijan

    Chairman of the Board of AzerGold met with the Ambassador of Uzbekistan to Azerbaijan

    Chairman of the Board of AzerGold Closed Joint Stock Company (CJSC) Zakir Ibragimov met with Ambassador Extraordinary and Plenipotentiary of Uzbekistan to Azerbaijan Bakhrom Ashrafkhanov.

    As reported by AZERTAC with reference to the press service of the company, noting during the meeting that Azerbaijani-Uzbek relations have a rich history, and the ties between our peoples, who have a common cultural heritage, the same ethnic and religious roots, are based on friendship, brotherhood and mutual respect , Z. Ibragimov said that economic cooperation between the two countries, as in all areas, is developing along an ascending line. According to him, close friendly ties between Azerbaijani President Ilham Aliyev and his Uzbek counterpart Shavkat Mirziyoyev, consistent with long-standing traditions, underlie this development. The Chairman of the Board added that interstate ties are expanding day by day, and relations between our fraternal peoples are strengthening.

    Z. Ibrahimov also spoke about the achievements of AzerGold in the areas of activity, the strategic plans of the company and the work carried out in the mining sector. The Chairman of the Board noted that although the mining industry in Azerbaijan is new compared to the oil and gas industry, great strides have been made in recent years, especially in gold mining. Z. Ibragimov said that the CJSC managed to completely eliminate dependence on the state budget in connection with gold deposits, and successfully continue preparing for the exploitation of new deposits of non-ferrous and ferrous metals.

    The Chairman of the Board noted that AzerGold CJSC is currently successfully continuing the exploitation of three gold deposits – Chovdar, Myaryakh and Tulallar, activities in connection with the implementation of such large-scale projects as the Dashkesan group of iron ore deposits, the Filizchay polymetallic deposit, the Ortakend gold deposit, emphasizing that these The deposits are projects open to foreign investment. Z. Ibragimov informed that geological research of the Tutkhun gold deposit, located in the Kelbajar region liberated from occupation, is ongoing. According to him, due to the fact that during the occupation these territories were contaminated with mines and unexploded ordnance, prompt implementation of the relevant work is impossible, and to prevent loss of time during research, non-invasive hyperspectral satellite images are taken, which are considered innovative search methods.

    Bringing to attention that AzerGold CJSC is interested not only in carrying out successful mining activities in Azerbaijan, but also in expanding its activities by establishing cooperative relations outside the country, Z. Ibrahimov recalled mutual visits, business meetings held between the parties to establish joint relations cooperation in this area in the fraternal Republic of Uzbekistan, which is among the TOP 10 countries in the world in terms of gold reserves. He expressed satisfaction that with the signing on February 24, 2023 in the capital of Uzbekistan, Tashkent, a Memorandum of Understanding and Agreement between AzerGold and the Ministry of Mining and Geology of the Republic of Uzbekistan “On establishing joint cooperation in the field of geological exploration and development of gold deposits in the territory Uzbekistan” ties in this direction have risen to the highest level.

    In turn, emphasizing that Azerbaijan is an important partner for Uzbekistan, B. Ashrafkhanov expressed interest in cooperation with AzerGold CJSC in the field of exploration and management of new deposits of non-ferrous metals in his country. Noting the importance of organizing joint activities in the mining sector as a new area of ​​cooperation between the two countries, the ambassador noted the mutual benefit of establishing cooperation with AzerGold CJSC, which has extensive experience in both geological exploration and mine operation.

    Other issues of mutual interest were also discussed at the meeting.

  • “AzerGold” will conduct research worth 5 million manats

    “AzerGold” will conduct research worth 5 million manats

    “AzerGold” Closed Joint Stock Company signed a 5 million manat contract with “AT-GEOTECH” LLC.

    Banker.az reports that the contract envisages the purchase of services for conducting aero-electromagnetic research (by helicopter) in the Kepaz-Buzlug-Kürakchay area.

    The value of the contract is 4,899,832 AZN.

    It should be noted that the company was state registered in 2011, the charter capital is 2 thousand manats and its legal representative is Vugar Agabayev.

  • “AzerGold” started implementation of new corporate management standards

    “AzerGold” started implementation of new corporate management standards

    “AzerGold” Closed Joint Stock Company (JSC), which organizes its activities within the framework of advanced international experience and modern corporate management requirements since its inception, successfully continues improvement works in order to continuously increase efficiency in this field.

    FED.az reports that as a result of the work done in this direction during the past period, the new corporate management standards of the Joint Stock Company were prepared and approved by the Supervisory Board of Azerbaijan Investment Holding (AIH).

    The new Standards approved for the purpose of guiding the activities and management of “AzerGold” CJSC are national legislation, “Principles of corporate governance” and “Rules of corporate governance in state-owned enterprises” of the Organization for Economic Cooperation and Development, as well as advanced corporate governance established in the country and around the world. Developed on the basis of experiences.

    The corporate management standards define the main principles and goals in the activities of CSC, based on sustainable development, efficiency, promptness and transparency. Thus, the requirements of the new Standards will be taken into account during the evaluation of the activity by the AIC, for this purpose, monitoring will be carried out in the CSC, and a report will be given to the Supervisory Board about the results. At the same time, the report will be approved by the Supervisory Board and published, including in the annual reports of the CSC.

  • AzerGold issued a gold coin dedicated to the 600th anniversary of Uzun Hasan

    AzerGold issued a gold coin dedicated to the 600th anniversary of Uzun Hasan

    AzerGold, on the initiative of the Heydar Aliyev Center, issued a gold coin in honor of the 600th anniversary of the birth of the ruler of the Aggoyunlu state, Uzun Hasan, who occupies a special place in the history of the centuries-old statehood of Azerbaijan.

    “Gold coins are 999.9 fine and weigh 20 grams. were presented at the exhibition “Uzun Hasan – Ruler of the Aggoyunlu State”, organized at the Heydar Aliyev Center,” the society’s information says, Interfax-Azerbaijan reports.

    The new gold coin is also presented to customers at the Sales and Exchange Center of AzerGold CJSC and on the online sales platform www.azergold.gift .

    As reported, AzerGold first issued coins made of Azerbaijani gold and silver for the local retail market in 2018.

    The depiction of the Heydar Aliyev Center, the rock paintings of Gobustan and the ornament of the Karabakh carpet “Chelebi” in three different collections of gold and silver coins are aimed at promoting the modernity, history and art of Azerbaijan.

    Collections of gold coins “Karabakh Pearls” and “Shusha” are dedicated to the victory of the Azerbaijani army under the leadership of Supreme Commander-in-Chief Ilham Aliyev and Karabakh liberated from occupation.

    The last to be released was a collection of gold coins dedicated to the 190th anniversary of the heiress of the last ruler of the Karabakh Khanate, poetess Khurshidbanu Natavan.

  • AzerGold plans to apply new technologies in the production of collector coins

    AzerGold plans to apply new technologies in the production of collector coins

    The Sales and Exchange Center of AzerGold Closed Joint Stock Company (CJSC) has held a working meeting with the management of CIT Coin Invest AG of the Principality of Liechtenstein.

    AZERTAC reports that, at the meeting, various aspects of cooperation with the international company, which is the creator and patent holder of the Smartminting process, considered a revolutionary technology in the field of modern numismatics, were discussed.

    It was noted that AzerGold Company is interested in wide application of advanced technologies and innovative approaches in all directions of activity, especially in the sphere of production. CJSC intends to leverage Smartminting technology, a modern, alternative production solution to create a range of gold coins, which CJSC will sell on the retail market from 2019.