AzerGold outlines production plans for Filizchay polymetal deposit

Initial production at the Filizchay polymetal deposit is planned for 2031-2032, AzerGold CJSC Chairman Zakir Ibrahimov said.

According to Report, Ibrahimov made the remarks at a press conference today.

He said that over the deposit's 34-year operating period, plans envisage bringing 363,000 tons of copper, 2.7 million tons of zinc and 1 million tons of lead resources into production.

The project has an estimated economic value of 29.7 billion manats ($17.47 billion), while the required investment amounts to 1 billion manats ($588.2 million).

Ibrahimov said President Ilham Aliyev had instructed AzerGold to initially operate as the 100% shareholder of the deposit. As development progresses and the economic value of the project increases, the possibility of attracting foreign investors on an equity basis could be considered if necessary.

He noted that the Filizchay project would create new export opportunities and support the development of a new industrial segment in Azerbaijan.

The project is also expected to contribute to regional socioeconomic development, create new jobs and stimulate related sectors around the mining industry.

Ibrahimov added that implementation of the project would create new opportunities for local contractors and suppliers serving extraction and processing operations, as well as logistics and other service industries.

He said Filizchay would make an important contribution to developing Azerbaijan's non-ferrous metallurgy potential and establishing a new industrial value chain.