BAKU, Azerbaijan, March 14. "AzerGold" OJSC's subsidiary, "AzerBlast" LLC, earned 2.4 million manat ($1.4 million) from product sales last year, Trend reports via the report on the activities of the Cabinet of Ministers of Azerbaijan for 2024.
"AzerBlast" LLC, a manufacturer of industrial explosives located in Ganja, produced 407,400 kg of ANFO brand explosives and 43,200 kg of H-ANFO brand explosives in 2024. The sales of these products resulted in an income of 2.4 million manat ($1.4 million)," the report reads.
“AzerBlast” LLC, “AzerGold” CJSC’s subsidiary, specialized in the production of explosives for industrial use, was established based on public-private partnership model, and registered on March 9, 2021. 51 percent of the total shares of the subsidiary belong to “AzerGold” CJSC, while 49 percent to “DM Service” LLC.
The purpose of the creation of the company is to meet the demand for civil explosives used in the process of mining and other industries and to eliminate dependence on imports. The LLC also aims to export its products to foreign markets and contribute to increasing the export potential of our country. For this purpose, on December 28, 2023, the Industrial Explosives Production Plant was commissioned in a trial mode by "AzerBlast" LLC for the first time in Azerbaijan.
On July 27, 2024, the plant began operating at full capacity.