BAKU, Azerbaijan, September 22. AzerGold CJSC aims to become a state-owned company with an annual turnover of 1 billion manat ($588 million) by 2030, Chairman of the Board Zakir Ibrahimov said at a meeting chaired by President Ilham Aliyev on the draft State Program for the development of the mining and metallurgical industry.
“Our main goal in the next stage is to turn AzerGold into a state-owned company with annual turnover reaching 1 billion manat by 2030,” Ibrahimov said.
He said that the company would prioritize domestic revenues and debt financing, as well as private investment, to finance strategic projects.
“As a result, our main goal is to make AzerGold one of the largest companies in Azerbaijan’s non-oil industry in terms of revenue and employment.
“Gold production has more than doubled compared with 2017. Revenues have increased 3.5 times. Exports account for 92% of total revenues, while 8% comes from domestic sales. Production of gold and silver products began in 2019, and domestic retail sales have become a source of added value,” he said.
Ibrahimov highlighted EBITDA as another important indicator.
“EBITDA stood at 46 million manat ($27.1 million) in 2017 and reached 260 million manat ($152.9 million) in 2025, an increase of about six times. The EBITDA margin has averaged more than 50%. At the same time, the company’s tax payments have increased 15 times.
“One of the most important points is the expansion of the reserve base. As a result of a sixfold increase in reserves, the production period at the Chovdar mine has been extended by 11 years. Approximately 42 million manat ($24.7 million) of the profit generated in 2025 will be paid to the shareholder — the state — as dividends. These results enable the company not only to efficiently develop existing reserves, but also to maintain production growth and expand investment in new strategic areas,” he said.
According to Ibrahimov, in addition to its direct operations, AzerGold has also achieved significant results in representing the state under the Production Sharing Agreement.
“As a result of monitoring measures carried out since June 2024, significant improvements have also been achieved in the production and financial indicators of Azerbaijan International Mining Company Limited. Gold-equivalent production increased from 5,300 ounces in the first half of 2024 to 37,600 ounces in the first half of 2026, a 7.1-fold increase. The state’s share of profit increased from 2.4 million manat ($1.4 million) to 37.6 million manat ($22.1 million), representing an increase of more than 15 times.
“Overall, during AzerGold’s period of representing the state, the state’s share of profit has amounted to 77.5 million manat ($45.6 million) to date. In 2026, most of the growth was driven by the resumption of production at the Demirli copper mine in the Aghdara district, which was liberated from occupation,” he said.
