Azerbaijan is on the path to stabilizing its gold production in the period from 2024 to 2026, following a projected decline in 2023. This projection is based on the operations of the country’s major gold mining companies, Anglo Asian Mining and AzerGold, which are preparing to initiate new deposits of valuable metals.
Key Developments
- Production Forecast: The country’s gold production may match the levels of 2022 in 2024 and maintain stability through 2025 and 2026.
- 2022 Production Data: Azerbaijan produced 3.1 tons of gold in 2022, marking a 5.3% year-on-year decrease.
- 2023 Production: From January through November 2023, gold production totaled 2.5 tons, showing a 16.5% decline compared to the same period in 2022.
Contributing Factors
- Depletion of Major Deposits: The decline in 2023 is attributed to the natural depletion of significant deposits such as the Gedabey deposit (operated by AAM) and the Chovdar deposit (operated by AzerGold).
- Preparation for New Deposits: Operating companies are focusing on technical and technological preparations for launching new precious metal deposits in 2024.
Government Expectations 
- 2024 Production Goal: The government anticipates gold production to rebound to at least 3.1 tons in 2024.
- Long-term Outlook: Production levels are expected to exceed 3.1 tons in 2025-2026, although there may be a drop to 2.7 tons in 2027 under a pessimistic scenario.
