AzerGold plans four strategic mining projects requiring about 3.63 billion manats in investment and carrying a combined estimated economic value of 60.4 billion manats.
Board Chairman Zakir Ibrahimov presented the updated parameters on Sept. 24 for projects in Kalbajar, Nakhchivan, Balakan and Dashkasan.
Gold Projects
The Soyudlu gold project in Kalbajar is expected to begin production in 2028 and operate for nine years. Resources are estimated at 1.03 million ounces of gold, with an economic value of 7.5 billion manats and required investment of 425 million manats.
Production at the Ortakand deposit in Nakhchivan is planned for 2029. The project is expected to produce 246,000 ounces of gold over nine years. Its economic value is put at 1.8 billion manats and investment at 255 million manats.
Filizchay and Dashkasan
Production at the Filizchay polymetallic deposit in Balakan is expected in 2031-2032. Over 34 years, plans call for mining 363,000 metric tons of copper, 2.7 million tons of zinc and 1 million tons of lead. The project is valued at 29.7 billion manats and requires 1 billion manats in investment.
The Dashkasan iron-ore project is expected to produce its first output in 2030. Over 20 years, it is projected to make 40 million tons of hot-briquetted iron. The project is valued at 24 billion manats and requires 1.95 billion manats. It includes a concentrator, a pellet plant in the Shamkir district and Azerbaijan’s first slurry pipeline, more than 40 kilometers long. Annual capacity is planned at 2 million tons, with some output for the domestic market and the balance for export.
AzerGold said about 10% of total financing is expected from the state budget, with the rest from company revenue, loans and potential investors. It said the separate project values total 63 billion manats, compared with the stated combined figure of 60.4 billion manats; the reason for the discrepancy was not specified.
Source: Vesti Baku.