SWITZERLAND: The Central Bank of Azerbaijan (CBA) has deposited 362.6 kilograms (11,655.2 troy ounces) of consumer gold from Switzerland, said the country’s Finance Ministry. The ministry said that gold, produced at the Gadabay field, after refining in Geneva, was given to the CBA by the State Service for Control on Precious Metals and Stones of the Ministry of Finance. Earlier, the government of Azerbaijan deposited 1,529.1 kilograms of 999.9 purity gold bars (49,158.6 troy ounces). In total, 1,891.7 kilograms (60,813.8 troy ounces) of gold was given to the Central Bank of Azerbaijan for safekeeping. The market value of this gold is $75.8 million.
Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan – Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. The gold produced at the fields is sent to Switzerland for purification. The ingots are then delivered to Azerbaijan and stored in the government’s account.