AIMC gold equivalent production grows 7.1-fold over 2 years

The gold equivalent production of Azerbaijan International Mining Company (AIMC) Limited has increased 7.1 times over two years, from 5,300 to 37,600 ounces, and the state's share in the company's profit has grown more than 15-fold, Chairman of the Executive Board of AzerGold Zakir Ibrahimov said at a meeting chaired by President Ilham Aliyev dedicated to the State Program for the Development of the Mining and Metallurgical Industry for 2027-2030, Report informs.

According to him, since June 2024, AzerGold has been exercising control within the framework of state representation under the Production Sharing Agreement. The measures taken have ensured a significant increase in the production and financial indicators of Azerbaijan International Mining Company Limited.

The volume of production in gold equivalent increased from 5,300 ounces in the first half of 2024 to 37,600 ounces in January-June 2026.

The state's share in the company's profit for this period grew from 2.4 million to 37.6 million manats - more than 15-fold. In general, during the period of AzerGold's state representation, this figure reached 77.5 million manats.

The main contribution to the production growth in 2026 was made by the resumption of mining at the Demirli copper mine, located in the territory of the Aghdara district.

"The processing complex, which the head of state visited at the beginning of the year, was reconstructed and commissioned in about a year with the support and under the control of AzerGold," Ibrahimov said.

According to him, based on the results of 2025, the investor company took first place among Azerbaijan's non-oil exporters and maintained this dynamic in 2026.

The head of AzerGold also spoke about the company's own production and financial performance. Compared to 2017, gold production more than doubled, and revenues increased 3.5 times.

About 92% of AzerGold's total revenues come from exports, and another 8% are generated through sales on the domestic market.

Since 2019, the company has been producing gold and silver items. Domestic retail sales have become an additional source of value creation.

AzerGold's EBITDA increased from 46 million manats in 2017 to 260 million manats in 2025 - almost six times. The average EBITDA margin exceeded 50%.

The company's tax payments for the reporting period increased 15 times.

"One of the most important results was the expansion of the resource base. Thanks to a six-fold increase in reserves, the life of the Chovdar deposit has been extended by 11 years," Zakir Ibrahimov noted.

About 42 million manats from the profit received by AzerGold in 2025 is planned to be paid to the state as a shareholder in the form of dividends.

According to the chairman of the board, the achieved results allow the company not only to efficiently develop existing reserves and maintain production rates, but also to expand investments in new strategic areas.

($1=1.7 manats)