Production of Gold Declined by One Fifth, Silver - by Half
The mines in Azerbaijan in January-July, produced 816.6 kg of gold, which is 20.6% less than the same period last year.
According to the SSC, for the past seven months, they also produced 412.5 kg of silver that is by a half less than as of 1 August of last year.
The plant to process gold ore in Kedabek was commissioned in May 2009 by the operating company Azerbaijan International Mining Company (AMIC), which designs gold fields in Azerbaijan.
The company was created by Anglo-Asian Mining PLC. The founder of the latter is the RV Investment Group Services LLS - operator of the development of six gold fields in Azerbaijan, including the recently designed Ordubad field.
Under the contract, from these fields it is expected to produce 400 tons of gold, 2,500 tons of silver and 1.5 thousand tons of copper. - 17C-
Economics
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The government of Azerbaijan has amended its customs tariffs, reducing import duties on specific bicycle components to support the domestic assembly industry. According to the decision approved by the Cabinet of Ministers on October 31, the updated tariffs will remain in effect until December 31, 2028, allowing local businesses to import key parts at reduced rates or zero duties.
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On September 1, The Cabinet of Ministers of Azerbaijan has implemented new aviation regulations aimed at reinforcing the airworthiness, operational standards, and safety protocols for foreign-registered civil aircraft operating within its airspace. The decision, approved on October 31, establishes comprehensive guidelines for pre-flight checks, essential onboard documentation, and crew requirements, aligning with international standards set by the International Civil Aviation Organization (ICAO).
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The Central Bank of Azerbaijan (CBA) reported that its foreign exchange reserves amounted to $11.371 billion as of October 31, 2024. This represents a slight reduction of 3.6 percent from the September level, but an 8.2 percent increase compared to October 2023, highlighting the CBA’s role in navigating market demands while supporting national economic priorities.
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A delegation from the State Oil Fund of the Republic of Azerbaijan (SOFAZ), led by the fund’s Executive Director Israfel Mammadov, concluded a working visit to Saudi Arabia. The visit aimed to strengthen strategic partnerships in the international financial market and diversify SOFAZ’s investment portfolio.
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