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Wednesday, 22nd July 2009 (1166 views)

Azerbaijan is to begin exporting its gold following the formation of an agreement between the country's government and the US-based RV Investment Group.

The gold will be sent to Switzerland for refining purposes, with 1,200 troy ounces of the precious metal expected to be sent to the country over the course of two to three days, said Reza Vaziri, president of RV Investment Group.

This gold will then be sold on international markets, with further exports expected to amount to 2,000 troy ounces in August and between 4,000 and 4,500 troy ounces from September, he explained.

RV Investment Group has part-ownership of the Gedabek gold mine in Azerbaijan through the Anglo Asian Mining organisation.

The mine was formally opened in May this year, is expected to produce 70,000 ounces of gold in its first full year of operation and is believed to have an initial mine life of six years.

 

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