Now, Azerbaijan should be following not only oil, but also gold prices in the market. Beginning from July 21, Azerbaijan started gold exportation to world markets. 36 kg of gold sent to Switzerland for preliminary processing extracted from “Gadabay” mine. The exportation will grow to 120kg per month, in the future.
Based on the agreement between “R.V. Investment Group” and Azerbaijan administration, it is started to export gold for processing. Gold reaches to Switzerland in 2 days. “R.V. Investment Group” owner also noted: ”it is the first time we market Azeri Gold globally. It means that with the legal agreement of the government the gold is being sent to Switzerland. This party will be sent 1200oz or 36kg. In august 2000oz, beginning from September 4000-5000oz or 120-130 kg gold is expected to be extracted.” Azeri Gold will be processed in MKS - the world’s most famous fabric according to the agreement. After achieving the gold standards it will be marketed to the world market. Now what we are marketing has 92% of gold and the rest is silver and other materials. After processing, gold becomes 99.999% of gold – the same hallmark in the world market.
Azeri gold price will depend on the world market prices. If price strongly goes down, then Azeri side can cease sales temporarily. Now gold price is $945-$950 for one ounce. Consequently, the first portion is valued at $1,150,000. We remind that the gold we are talking about is extracted from “Gadabay” gold mine. Investigations show that there is 22 tons of gold in the mine. There are investigations in other mines as well. By the end of the year operations will begin in Gosha mine and gold will be exported to world market by next year. If everything will be as planned, the production will start in 3 mines at the end of the next year.

Last correction date of the file: 27/1/2010 - 0:7:14

Other language version of the file: /az/