New deposits of gold, silver, copper revealed

Azerbaijan, known as a gold producing country in Eurasia region, discovered another promising area for gold production in its territory.

Tyulallar gold mine was revealed as a result of large-scale search operations. This mine is located near the eponymous village in Goygol region of the country, some 45 km away from the region's center, APA reported.

"Resources of Tyulallar gold mine are close to the reserves of gold and copper deposits in Gadabey and gold in Chovdar," according to the National Geological Survey, which reports a high level of gold production up to 90 percent from the gold mine.

Recent searches in Bashgyshlag in Goranboy region showed positive results. They identified promising areas of production of gold, silver and copper.

According to the results of the samples sent from the area, the Survey found that production capacity of the area is 0.4 gr/ton-2.2 gr/ton of gold and 2.0 gr/ton-4.2 gr/ton of silver.

With most of its gold resources still untapped, the country has a room for investors in the mining industry.

The country started industrial production of gold in July 2009. About 900 fields were registered in Azerbaijan's state and territorial balance of reserves of mineral resources.

Azerbaijan began to develop its gold mines only recently and is operating quite modest volumes of output so far. However, the main positive trend is linked with the increased pace of output. Azerbaijan has increased its gold production in 2014 and also sped up the exploration of new deposits.

As a leading company extracting precious metals in Azerbaijan, Anglo Asian Mining plc, developed Azerbaijan's first operating gold/copper/silver mine, Gadabay, which commenced gold production in May 2009.

Gadabay is the main mine site of the company and the location of its processing operations. The company is authorized to implement mine operations at six Azerbaijani fields, including Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Venjali, Soutlu.

Overall, Azerbaijan produced 2,229 kilograms of gold in 2015. The production growth hit 19.1 percent compared to the figure of 2014.

The Ministry for Ecology and Natural Recourses estimates that the country is able to produce about 10-15 tons of gold a year.