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Azerbaijan to start gold production in one more field

13 March 2012 09:04 (UTC +04:00)

As noted in the report of the Cabinet, in 2011, an American company R.V.Investment Group Services continued its gold production at the Gadabay field and produced a 782.2 kg of gold and a 216.2 kg of silver. Azerbaijan’s share amounted to 229.2 kg 157.5 kg of gold and silver.

â€Since the beginning of Gadabay field development Azerbaijan’s share amounted to 513.6 kg of gold, which have been deposited in the Central Bank. Exploration work has been completed in the Gosha field; currently work is underway on production. According to other agreement, exploration work is underway in the Chovdar fieldâ€.

Remind that, R.V. Investment Group Services signed a contract with the now disbanded state Azergyzyl concern in 1997 to develop six fields: one in Nakhichevan, two in the Gadabay district, and three in the Armenian-controlled Kalbajar and Zangilan districts. Azerbaijan owns 51% and the American company owns 49% of the project.