Extraction and primary processing of ferrous, non-ferrous and precious metals in Azerbaijan in the first quarter declined. Neither the State Statistics Committee, nor the mining companies disclosed the reasons for the decline of production rates.
According to the State Statistics Committee, in January-March this year, production of iron ore in the Dashkesan region was 51.4 million tons, 15.7% less than in the first quarter of last year. In this case, the warehouses mining plant on the 1st of April this year, has accumulated 34.7 thousand tons.
Azerbaijan Mining Operating Company that operates the gold mine Kedabek yet noticeably slowed down its production. During the reporting period there was produced 473.6 kg of precious metals, which is 45% less than in January-March 2012. Gold production was 266.8 kg, 13.7% less than the year before. With the production volumes, respectively 206.8 kg of 93.2 tons, the production of silver (-13.3%) and copper (-37.4%) reduced. - 08D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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