AzerGold's four strategic mining projects valued at $2.14 billion

The total investment value of four key strategic projects that AzerGold CJSC plans to implement in the mining industry amounts to 3.63 billion manats ($2.14 billion), AzerGold Chairman Zakir Ibrahimov said.

According to Report, Ibrahimov made the remarks at a meeting chaired by President Ilham Aliyev and dedicated to the State Program for the Development of the Mining (Metal Ores) and Metallurgical Industries for 2027-2030.

He said only around 10% of the projects to be implemented under the State Program are planned to be financed from the state budget.

"The first project is the Soyudlu gold deposit. Initial production is planned for 2028. The project has a gold resource of 1.03 million ounces, and exploration is continuing, so this figure may increase. Its economic value at today's gold price is 7.5 billion manats ($4.41 billion), while the required investment is 425 million manats ($250 million). The investment is planned to be financed from AzerGold's internal revenues and borrowed funds," Ibrahimov said.

He added that the second project is the Ortakend gold deposit in Nakhchivan, where initial production is planned for 2029.

"The gold resource amounts to 246,000 ounces, with an economic value of 1.8 billion manats ($1.06 billion). The required investment is 255 million manats ($150 million). This project is also planned to be implemented using AzerGold's internal revenues and borrowed funds," he said.

Ibrahimov noted that the Filizchay polymetallic deposit is one of the most complex deposits of its kind in the world due to various geological and other factors.

The project is scheduled to reach full production by the end of 2031. Over its 34-year operating period, plans call for the extraction of 363,000 tons of copper, 2.7 million tons of zinc and 1 million tons of lead.

The project has an estimated economic value of 29.7 billion manats ($17.47 billion) and requires around 1 billion manats ($588.2 million) in investment. Financing may come from AzerGold's internal revenues, borrowed funds and investor capital.

Initial production at the Dashkasan iron ore project is planned for 2030. The project will create annual production capacity of 2 million tons of hot-briquetted iron, with required investment estimated at 1.95 billion manats ($1.15 billion).

Financing for the project is expected to come from the state budget, borrowed funds and investor participation.