The total investment value of four major strategic mining projects to be implemented by AzerGold CJSC is 3.63 billion manats.
Operative Information Center-OMM reports that AzerGold Board Chairman Zakir Ibrahimov made the remarks at a meeting chaired by President Ilham Aliyev on the State Program for the Development of the Mining (Metal Ores) and Metallurgical Industry in 2027-2030.
“Only about 10% of the projects to be implemented under the State Program is planned to be financed from the state budget. The first project is the Soyudlu gold deposit, where initial production is scheduled for 2028. The project’s gold resource stands at 1.03 million ounces, and exploration is continuing, so this figure may increase. Its economic value at today’s gold prices is 7.5 billion manats, while the required investment is 425 million manats. AzerGold plans to finance this investment through its internal revenue and borrowed funds. The second project is the Ortakand gold deposit in Nakhchivan. Initial production there is scheduled for 2029. The gold resource amounts to 246,000 ounces, with an economic value of 1.8 billion manats. The required investment is 255 million manats, and this project is also planned to be financed through AzerGold’s internal revenue and borrowed funds,” Ibrahimov said.
He said the Filizchay polymetallic deposit is, like other polymetallic deposits around the world, among the most complex deposits due to various geological and other factors.
“The project is scheduled to reach full production capacity by the end of 2031. During the deposit’s 34-year operating period, plans call for 363,000 tons of copper, 2.7 million tons of zinc and 1 million tons of lead resources to be brought into production. The project’s economic value is 29.7 billion manats, while the required investment is approximately 1 billion manats. The project could be implemented through AzerGold’s internal revenue, borrowed funds and the attraction of investor financing in various amounts in line with your instruction. Initial production under the Dashkasan iron ore project is scheduled for 2030. The project will create annual production capacity of 2 million tons of hot-briquetted iron, requiring an investment of 1.95 billion manats. Financing will be provided through the state budget, borrowed funds and investor participation,” the AzerGold chairman said.
