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Azerbaijan to start gold exports

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The government of Azerbaijan and U.S.-based RV Investment Group signed on Tuesday a protocol on exporting gold from the South Caucasus republic.

BAKU, July 21 (RIA Novosti) - The government of Azerbaijan and U.S.-based RV Investment Group signed on Tuesday a protocol on exporting gold from the South Caucasus republic.

Reza Vaziri, president and founder of RV Investment Group, told journalists that Azerbaijani gold would be exported to Switzerland for refining in accordance with the protocol.

"During 2-3 days, 1,200 troy ounces of gold will be exported to Switzerland for refining and subsequently sold on international markets. In August, gold exports will total 2,000 troy ounces and will amount to 4,000-4,500 ounces per month from September," Vaziri said.

Azerbaijani state-owned company Azerqizil, whose functions have now been assigned to the Ministry of the Environment and Natural Resources, and RV Investment Group Services Ltd. signed a contract to develop nine fields in Azerbaijan with estimated reserves of 430 metric tons (13.8 million troy ounces) of gold, 2,500 metric tons of silver and 1.5 million metric tons of copper as part of a production sharing agreement in 1997.

 

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