In 2012, the company Anglo Asian Mining Plc. produced 2 188.6 kg of precious metals gold mine "Kedabek" in the north-west of the country. The production volume was reduced in comparison with 2011 by 26.9%, according to the State Committee on Statistics.
Gold production totaled 1 562.8 kg, which is 12% less than in 2011. The company also produced 625.8 kg of silver. This is 48.6% less than the previous year.
According to the PSA contract for development of several gold deposits on the area of ??1,962 square kilometers between the Government of Azerbaijan and RV Investment Services LLC (USA), on completion of the share of government investment in the project will reach 51%. It is projected to produce 300,000 ounces of gold in the first 6 years of field development. The mining in the gold mine "Kedabek" began in May 2009. - 08B-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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