Azerbaijan to Boost Gold Production, Expects Over 3 Tonnes in 2024

Azerbaijan is set to significantly increase its gold mining output in 2024, with a government forecast predicting a production of 3,083.5 kilograms. This upward trend is expected to continue, with projections for 2025 and 2026 indicating further growth in gold output.

Gold Production Forecast:

• 2024: Gold output is estimated to reach 3,083.5 kg.
• 2025: A slight increase is expected, with a forecast of 3,108.4 kg.
• 2026: The upward trend continues, aiming for 3,124 kg of gold production.

Copper Production Outlook:

• Alongside gold, Azerbaijan also anticipates an increase in copper production, with forecasts of approximately 5,300 tonnes annually for both 2025 and 2026.

Current Production Status:

• In the first eleven months of 2023, Azerbaijan mined 2,507.9 kg of gold, a decrease of 16.4% compared to the same period in the previous year.
• The total gold production in 2022 was 3,174.7 kg, marking a 5.3% decline from the previous year.

Key Players in Azerbaijan's Mining Industry:

• The country's precious metals production involves state-owned company AzerGold.
• Anglo Asian Mining, a UK-based company, also plays a significant role, holding development rights to eight contract areas and owning a 49% stake in a production sharing agreement.