BAKU, Azerbaijan, September 22. AzerGold has
presented 4 major strategic projects to be implemented under the
State Program, with total investment expected to amount to
approximately 3.63 billion manat ($2.1 billion), Chairman of the
Board of AzerGold CJSC Zakir Ibrahimov said at the meeting chaired by President Ilham Aliyev, dedicated
to the draft State Program for the development of the mining and
metallurgical industry.
According to him, only around 10% of the investment is planned
to be financed from the state budget. He added that the first
project is the Soyugbulag gold deposit.
“The first production is scheduled for 2028. The gold resource
of the project is 1.03 million ounces of gold, and exploration is
ongoing, so there is a possibility that this figure may increase.
Its economic value is 7.5 billion manat ($4.4 billion) at today's
gold price, while the required investment is 425 million manat
($249 million). The project is planned to be implemented using
AzerGold's internal revenues and borrowed funds,” Ibrahimov
said.
Ibrahimov said the second project is the Ortakend gold deposit
in Nakhchivan.
“The first production is scheduled for 2029. The gold resource
amounts to 246,000 ounces and its economic value is 1.8 billion
manat ($1.05 billion). The required investment is 255 million manat
($149 million). This project is also planned to be implemented
using AzerGold's internal revenues and borrowed funds,” he
said.
Ibrahimov noted that the Filizchay polymetallic deposit, like
other polymetallic deposits around the world, is among the most
complex deposits due to various geological and other factors.
“The project is planned to reach full-scale production by the
end of 2031. During the 34-year operating period of the deposit,
363,000 tons of copper, 2.7 million tons of zinc and 1 million tons
of lead resources are planned to be brought into production. The
economic value of the project is 29.7 billion manat ($17.4
billion), while the required investment is approximately 1 billion
manat ($588 million). The project could be implemented using
AzerGold's internal revenues, borrowed funds and, in accordance
with your instruction, attracting investor funds in various
amounts,” he said.
According to him, first production under the Dashkasan iron ore
project is scheduled for 2030.
“The project will ultimately create an annual production
capacity of 2 million tons of hot briquetted iron, and the required
investment is 1.95 billion manat ($1.14 billion). Financing will be
provided through the state budget, borrowed funds and the
participation of an investor. Thus, as I mentioned, the four
strategic projects require approximately 3.63 billion manat ($2.13
billion) in investment, and we will apply for approximately 10% of
this amount to be allocated from the state budget,” he added.
