Zakir Ibrahimov, Chairman of the Executive Board of AzerGold CJSC, Gives a Comprehensive Interview to the Azerbaijan State News Agency

AzerGold Closed Joint-Stock Company is celebrating the 10th anniversary of its establishment. Over the past decade, the Company has achieved significant milestones across the entire operational processes, from geological exploration to mineral processing, and from processing to industrial services and retail operations.

Throughout this operational period, AzerGold has successfully implemented a number of strategic projects that have contributed to the development of Azerbaijan’s non-oil sector, the efficient management of the country’s mineral resources, and the diversification of the national economy. The Company has also made substantial progress in preparing new mineral deposits for development, expanding international cooperation, implementing environmental and social responsibility initiatives, and investing in human capital development.

AzerGold’s key strategic priorities for the upcoming period include implementation of large-scale mining projects, expansion of geological exploration activities, and strengthening of its position in international markets.

In addition, the Company’s achievements in the retail sector and the successful implementation of social projects across the regions are also noteworthy.

Zakir Ibrahimov, Chairman of the Executive Board of AzerGold CJSC, answered the questions from AZERTAC, the Azerbaijan State News Agency, on these topics.

Interviewer: Mr Ibrahimov, AzerGold CJSC marked the 10th anniversary of its establishment on 5 July 2026. First of all, I would like to congratulate you and your team on this important event. How would you assess the Company’s progress over the past decade?

Zakir Ibrahimov: Thank you very much for your congratulations on the 10th anniversary of AzerGold CJSC. I would also like to express my gratitude to AZERTAC team for your kind wishes.

I extend my sincere congratulations to all our employees, to the professionals who have contributed to our success over the past years, and to our valued partners.

A decade in a person’s life is a long period. However, in the mining industry, where the journey from exploration to production, the development of infrastructure, and the recovery of capital investments require a longer phase, ten years is considered a relatively short period.

Nevertheless, we believe that AzerGold has made a meaningful contribution to the development of Azerbaijan’s mining industry during this decade. So, the Company’s 10th anniversary provides an excellent opportunity to reflect the progress achieved, evaluate the accomplishments, and define the strategic priorities for the years ahead.

AzerGold CJSC was established pursuant to the Decree No. 1047 of the President of the Republic of Azerbaijan, dated 11 February 2015, and officially commenced operations on 5 July 2016. The Company’s achievements over the past decade have been built upon the strategic economic policy pursued under the leadership of President Ilham Aliyev, aimed at developing the non-oil sector, ensuring the efficient management of the country’s natural resources, and diversifying the national economy. And this policy has created a favourable environment for the development of a modern mining industry in Azerbaijan.

When we commenced operations, our primary objective was to rapidly bring the country’s mineral resource potential in the non-ferrous metals sector into economic circulation and thereby make a significant contribution to the development of Azerbaijan’s non-oil economy.

In the following years, AzerGold was entrusted with additional strategic responsibilities by the Government. In 2020, our operations included the exploration and development of ferrous metal ore deposits, and we established our first subsidiary – Dashkasan Iron Ore LLC. In 2021, our second subsidiary specializing in the production of industrial explosives was established.

In 2024, AzerGold CJSC was assigned to represent the Republic of Azerbaijan under the Production Sharing Agreement. This year, the Company was entrusted with new responsibilities for the management and development of non-ferrous mineral deposits. These developments reflect the Government’s confidence in our Company, as well as our professional performance and the results we have consistently delivered.

Over the past decade, AzerGold has evolved into a modern, fully integrated mining company, covering the entire mining chain – from geological exploration to mineral extraction and from processing to industrial services and retail operations.

We will be committed to the principles of sustainable development, innovation, environmental stewardship, and social responsibility in the years ahead. Our strategic priorities are to further contribute to the advancement of Azerbaijan’s mining industry and diversification of the national economy, improve the efficiency of our existing projects, bring new mineral deposits into production, expand international partnerships, and create long-term economic value.

Interviewer: What would you consider to be the Company’s most significant achievement over the past ten years?

Zakir Ibrahimov: Our achievements have been wide-ranging. Over the past decade, AzerGold has discovered two new gold deposits, commissioned four gold mines and one regional industrial complex, and established two subsidiaries, significantly expanding the Company’s operations.

During this period, we have also implemented targeted initiatives to increase precious metals production, successfully organizing mining operations at four gold mines.

As I mentioned before, compared with many other industries, mining is a highly complex and capital-intensive sector that requires extensive research, engineering, and project preparation before production can begin. Thus, AzerGold has not limited its efforts to operating existing mines. Over the years, we have carried out the necessary scientific, technical, and economic studies for several large-scale mining projects under our management, creating a foundation for their successful commissioning in the near future.

AzerGold has also continued to make significant progress in optimizing its production processes.

The Chovdar Gold Mine, located in the northern part of Dashkasan region, was AzerGold’s first mining project. Mining operations at the deposit commenced in 2017. In 2016, the mine’s recoverable gold reserves were estimated at 179,000 ounces, and based on those estimates, mining operations were expected to be completed by 2020.

However, through continuous operational optimization and several years of additional exploration, the recoverable reserves of the deposit were substantially increased. In addition, the Marah and Aghyokhush gold deposits, discovered on the flanks of the Chovdar deposit, together with the Tulallar gold deposit in Goygol region, were brought into production. To ensure the integrated management of these deposits within a single production centre, the Chovdar Integrated Regional Processing Area (CIRPA) was established. These measures created the conditions for the economically viable development of a group of adjacent deposits that would not have been feasible if processed separately, because of their individual size. Consequently, the total recoverable gold reserves increased to 1.02 million ounces, while the mine’s operational life was extended until 2032.

I would also like to emphasize that AzerGold has developed extensive expertise in processing various types of ore. Depending on the characteristics of each ore body, we apply Heap Leach Pad (HLP) or Carbon-In-Leach (CIL) technologies, selecting the most efficient processing method for each deposit.

For example, during the initial years of mining at the Chovdar deposit, only HLP technology was applied. However, as the characteristics of the ore evolved during subsequent stages of mining, construction of the CIL Plant commenced in 2022. Commissioned at full operational capacity in 2024, the facility has an annual ore grinding capacity of 1.1 million tonnes.

This technology enables us to optimize production processes, maximize the utilization of available mineral resources, and significantly enhance the economic efficiency of the deposits.

To date, the Company’s mining operations have produced more than 558,000 ounces of gold and over one million ounces of silver. We gained more than AZN 2.2 billion revenue from the sales of precious metals in both domestic and international markets.

It is particularly noteworthy that, to date, only AZN 47 million investment was allocated from the State Budget for the implementation of AzerGold’s gold projects. However, the Company’s net profit surpassed this figure by more than tenfold, reaching AZN 473.5 million. In addition, AzerGold has contributed AZN 295.3 million to the State Budget in the form of taxes and social security payments.

Since 2021, AzerGold has financed all of its gold operations from its own resources, without relying on State Budget funding. By the way, the AZN 383 million investment needed to construct the CIL plant, which I mentioned earlier, was also fully funded by the Company. It means one of Azerbaijan’s largest industrial projects was completed without any additional burden on the State Budget.

At present, State Budget allocations to AzerGold are directed exclusively towards strategic projects assigned by the Government. Dashkasan iron ore project is one of the projects, which is of strategic importance for the development of Azerbaijan’s metallurgical industry, and it requires substantial capital investment. In 2020, AzerGold established its subsidiary company – Dashkasan Iron Ore LLC – for the implementation of this project, for preparing the iron ore deposits of Dashkasan for commercial development, and for establishing an integrated production chain.

It is worth noting that, since the early years of Azerbaijan’s independence, the country’s abundant iron ore resources have not been fully and efficiently integrated into economic circulation. Today, our objective is not only to restore sustainable iron ore production but also to establish a fully integrated industrial value chain encompassing beneficiation, concentrate, pellet, and hot briquetted iron (HBI) production.

Under the Project, ore extracted from the Dashkasan mine will first be processed into concentrate at a beneficiation plant to be constructed at the mine site. The concentrate will then be transported to a pelletizing plant to be constructed in Shamkir region. To support this process, Azerbaijan’s first slurry pipeline, extending more than 40 kilometres, will be constructed. At the final stage of the production chain, the pellets will be converted into Hot Briquetted Iron (HBI), one of the principal raw materials used in steelmaking. The HBI Plant, with an annual production capacity of 2 million tonnes, will be built within the Shamkir section of the Western Industrial Park.

The implementation of this project will establish a sustainable raw material base for the production of high-quality steel. With a planned annual production capacity of 2 million tonnes, the Project will fully meet domestic demand while enabling surplus production to be exported to international markets. In its turn, it will not only reduce the country’s reliance on imports but also expand its export potential, further strengthen the non-oil sector, and generate additional revenues for the State Budget.

The total investment required for the Project exceeds USD 1.3 billion. To avoid placing an additional burden on the State Budget, the Project is designed to be implemented in phases. A significant portion of the investment required for each phase is expected to be financed through strategic investors and credit facilities provided by international financial institutions.

To facilitate the implementation of the Project, Azerbaijan Metal Company LLC was established in 2025 as a joint venture between Dashkasan Iron Ore LLC and Kazakhstan’s Fonte GreenMet Investments Fund OEIC Ltd. The two partners each hold a 50% stake in the joint venture.

Upon the full implementation of all components of the integrated iron ore value chain by 2029, the Project is expected to contribute approximately USD 19 billion to Azerbaijan’s economy and generate up to 4,000 new employment opportunities across the country’s regions.

Our diversification strategy covers not only the mining industry, but it also includes the development of closely related supporting industries. In this regard, I would like to highlight the activities of AzerBlast LLC, our second subsidiary which has been established under a public-private partnership model.

AzerBlast LLC is the first company in Azerbaijan established to meet domestic demand for civil explosives used in the mining industry through local production. The Industrial Explosives Manufacturing Plant of AzerBlast, located in the city of Ganja, was commissioned in 2024. Having reached its full production capacity, the Plant became profitable in 2025. The Company aims to increase production, diversify its product portfolio, and expand its presence in export markets in future.

Over the past decade, AzerGold has achieved a wide range of tangible and measurable results. The production indices I have already mentioned, the development of new mineral deposits, the implementation of major industrial projects, the expansion of export capacity, and the consistent growth of our financial performance represent only part of these achievements.

Today, AzerGold has earned the trust of the Government, the confidence of its international partners, and the respect of the local communities in the regions where it operates.

As I mentioned before, AzerGold was entrusted with representing the State under the Production Sharing Agreement (PSA), which demonstrates the Government’s confidence in the Company. Pursuant to the Law dated 21 June 2024 governing the Production Sharing Agreement concluded between the Republic of Azerbaijan and R.V. Investment Group Services LLC, AzerGold was entrusted with representing the State’s interests in relation to the Gadabey, Gosha, Kharkhar, Garadagh, Ordubad Group (Piyazbashi, Aghyurd, Shakardara and Kalaki), Gizilbulag, Demirli, and Vejnali deposits. Our primary responsibility is to safeguard the State’s interests while ensuring the efficient and transparent development of the country’s mineral resources.

As a result of comprehensive monitoring and effective coordination carried out within a short period, progress has been achieved across all operational areas. Mining and production activities in Gadabey have been reorganized in full compliance with national legislation, international standards, and environmental requirements. In addition, the Demirli Ore Processing Complex, located in Aghdara region, has been reconstructed, and copper mining operations recommenced in 2025.

The projects covered by the Production Sharing Agreement are operated by the Azerbaijan International Mining Company Limited (AIMC). Since AzerGold assumed the State’s representative role, AIMC’s total revenue increased by 217% last year. This year, revenues are assumed to increase by 172%, reaching approximately AZN 586 million.

During the first months of 2026, AIMC became Azerbaijan’s leading non-oil exporter. At the same time, copper concentrate became the country’s third non-oil export product for the first time.

As these positive developments continued and the industrial sector expanded, the Government also took strategic decisions on the management of non-ferrous mineral deposits.

Following the Presidential Decree issued in 2024 on improving management and governance in utilizing non-ferrous mineral deposits throughout the country, AzerGold conducted comprehensive analyses based on international best practices. Detailed proposals were prepared by the Company within a short timeframe, taking into account environmental and economic considerations as well as international standards, and were submitted to a special commission established by the Government and comprising representatives of the relevant public authorities.

We are pleased that our recommendations have been well received and that work is already underway to establish the necessary legislative and regulatory framework for their implementation.

Pursuant to the Decree of President Ilham Aliyev dated 20 April 2026, limestone deposits located in Garadagh and Absheron districts of Baku, sand and gravel deposits in Zagatala, Balakan, Oghuz, and Imishli regions, were transferred to the management of AzerGold CJSC. The primary objective of this decision is to establish a reliable raw material base for Azerbaijan’s construction materials industry, ensure the efficient and environmentally responsible utilization of mineral resources, and introduce a modern, transparent governance model.

Implementation is already in progress under these newly assigned responsibilities. Through phased development of these deposits, we aim to build an efficient, transparent, and sustainable management model for the non-ferrous minerals sector.

Interviewer: Mr Ibrahimov, could you tell us about AzerGold’s geological exploration activities in recent years and the key results achieved?

Zakir Ibrahimov: Geological exploration is one of the fundamental pillars of AzerGold’s development strategy. Without the discovery of new mineral resources and the expansion of the resource base of existing deposits, it is impossible to ensure sustainable production or develop new mining projects.

To this end, the Company has completed a total of 344.3 kilometres of drilling – the highest index ever achieved in Azerbaijan’s mining industry. In recent years, we have carried out extensive exploration programmes across prospective areas by applying advanced geological investigation methods and innovative technologies.

We use hyperspectral satellite imaging and airborne electromagnetic surveys in our geological explorations. These technologies enable us to identify prospective mineralized areas more rapidly while optimizing drilling programmes, which require a large capital investment.

Hyperspectral imaging analyses the spectral characteristics of rocks over large areas, allowing mineralization indicators to be identified. It significantly improves the planning and targeting of exploration activities.

Airborne electromagnetic surveys, meanwhile, utilize specialized equipment mounted beneath a helicopter to measure the electromagnetic properties of subsurface geological formations. This technology enables us to acquire high-quality geological data without disturbing the ground surface, providing a faster, more accurate, and environmentally responsible approach to mineral exploration.

These advanced technologies allow exploration programmes to be implemented more efficiently, more accurately, and economically feasible.

At present, our geological exploration activities are focused on two directions. The first covers exploration programmes conducted within the ore deposits managed by AzerGold. The second encompasses the implementation of the geological exploration programme, carried out in accordance with the relevant decrees of President Ilham Aliyev, covering ferrous and non-ferrous mineral deposits and occurrences in Azerbaijan.

The main goal of this programme is to modernize the country’s mineral resource database across an area of 15,409 square kilometres through the application of advanced exploration technologies. The programme is designed to identify new prospective mineral resources, reassess existing reserves using modern geological methodologies, and expand opportunities for future mineral development.

I would like to emphasize that positive results have already been achieved in Kalbajar, Goygol, and Dashkasan regions, where a substantial portion of the exploration programme has been completed.

Our exploration activities have identified several promising new targets in these regions. We will share more detailed information as these projects advance.

The exploration and evaluation programme will be completed by the end of 2027. Upon completion, a comprehensive geological map illustrating the mineral resource potential of all surveyed areas will be prepared.

These studies will provide a solid foundation for the development of future mining projects and play an important role in attracting new investment to Azerbaijan’s mining sector.

Interviewer: Which project will play the most significant role in AzerGold’s development strategy over the next decade?

Zakir Ibrahimov: AzerGold’s current project portfolio includes several large-scale projects of exceptional economic significance. These projects will contribute not only to the Company’s long-term growth but also to the sustainable development of Azerbaijan’s mining industry and, I believe, the mining sector across a wider region.

First of all, I would like to mention the new Soyudlu (Zod) gold deposit in Kalbajar region, one of the key projects planned for implementation in a short and medium term.

The Soyudlu deposit is regarded as one of the largest and geologically richest gold deposits in the Caucasus and has the potential to play a pivotal role in the long-term development of Azerbaijan’s mining industry. Despite the illegal exploitation of the deposit during the period of occupation, the recoverable reserves remain a strategically important asset, providing a solid foundation for the further expansion of AzerGold’s mineral resource base.

Since August last year, we have been carrying out an extensive geological exploration programme at the Soyudlu gold deposit and reviewed the historical geological data comprehensively. Modern planning and detailed topographical surveys have been completed, 9,000 metres of drilling has been carried out at the deposit.

In accordance with the internationally recognised JORC (Joint Ore Reserves Committee) Code for the economic evaluation of mineral resources and ore reserves, the deposit’s recoverable remaining reserves have been estimated at 1.03 million ounces of gold.

Intensive exploration activities continue across the adjacent and flank deposits to further expand the resource base. In parallel, comprehensive preparations are underway to bring the Soyudlu gold deposit into operation.

To answer your question about the projects that will define AzerGold’s strategic development, I would particularly like to highlight the Filizchay polymetallic deposit in Balakan region. In terms of mineral resources, Filizchay is recognised as one of the largest polymetallic deposits in Europe and ranks among the top ten polymetallic deposits worldwide.

According to current resource estimates, the deposit contains approximately 2.4 million tonnes of zinc; 787,000 tonnes of lead; 311,000 tonnes of copper; 688,000 ounces of gold; and 91 million ounces of silver.

It is important to emphasize that Filizchay is a large-scale, as well as exceptionally complex deposit. Metallurgical assay has demonstrated that the ore in the deposit contains complex mineralogical characteristics and a hard-rock formation. So, achieving an economically viable operation requires the development of a processing plant capable of efficiently recovering at least three non-ferrous metals from a single ore source.

Over a long period, we carried out comprehensive studies in cooperation with internationally recognised laboratories and consultants. Consequently, the application of ultra-fine grinding technology for the production of marketable copper and zinc concentrates was identified as the most appropriate processing solution.

Accordingly, we decided to construct a Processing and Research Centre in Balakan as a pilot facility at the beginning of 2027. The Centre will be designed to optimise the recovery rates of zinc, copper, and lead.

I believe the Filizchay project has the potential to become one of the region’s leading mining developments. It will not only reinforce the growth of Azerbaijan’s mining industry but also help meet the growing regional demand for critical minerals, whose strategic importance continues to grow in global economies.

Once fully implemented, the Project is expected to create approximately 2,000 permanent jobs.

Another of our major strategic projects is currently being implemented in the Nakhchivan Autonomous Republic. The Ortakend gold deposit, located in Julfa region, demonstrates encouraging prospects.

Following the extensive geological exploration, the deposit’s 424,000 ounces of gold reserves were estimated and confirmed in accordance with the internationally recognised JORC Code, and registered in the State Balance of Mineral Reserves.

One of the key factors enhancing the economic viability of mining operations in this region is the identification of significant metal resources at the Bashkend copper deposit and the Goydagh copper-porphyry deposit, which are located within Julfa.

Both projects are currently at the preliminary exploration stage, with feasibility studies and additional geological investigations underway. Based on current estimates, the combined copper resources of these deposits amount to approximately 173,000 tonnes.

The close geographical proximity of these deposits provides an opportunity to pursue a centralised development model, similar to that successfully implemented at the Chovdar Integrated Regional Processing Area (CIRPA). This integrated approach would streamline project delivery, optimise processing infrastructure, and substantially reduce capital investment through the shared use of processing facilities. This model would enable more efficient project implementation and significantly reduce capital expenditure. This strategy is expected to establish a sustainable mining industry in the Nakhchivan Autonomous Republic, attract hundreds of millions of manats in investment to the region, create more than 1,000 permanent jobs, and generate a substantial increase in foreign currency revenues for the State Budget.

Interviewer: Mr Ibrahimov, what are AzerGold’s plans for expanding its international operations?

Zakir Ibrahimov: International expansion remains one of our key strategic priorities. Our objective is not only to strengthen AzerGold’s position within Azerbaijan but also to participate in high-potential international projects and develop long-term partnerships. We have already taken significant steps in this direction by exploring cooperation opportunities with different countries. Central Asia and Africa have been identified as priority regions for our future expansion, being rich in mineral resources.

Last month a Framework Agreement was signed between AzerGold CJSC and the Ministry of Mining Industry and Geology of the Republic of Uzbekistan for the joint development of a gold deposit in Uzbekistan. We regard this agreement as the first major step in AzerGold’s international growth. It is especially meaningful that our first international mining project will be undertaken in partnership with our brotherly nation, Uzbekistan.

At this stage, our primary focus is on reviewing the available geological data and assessing the project’s development potential. AzerGold CJSC, the Azerbaijan–Uzbekistan Investment Company, and Uzbekgeologorazvedka OJSC are expected to sign an agreement establishing the principal terms for a trilateral joint venture. It will undertake the geological exploration and evaluation of mineralized areas in Uzbekistan.

We believe that this partnership will establish a strong foundation for the successful implementation of future mining projects abroad.

Interviewer: One of AzerGold’s key business areas is the retail sale of precious metals in the domestic market. How would you assess the Company’s current position in the market for gold and silver products? In your opinion, have these products earned consumer trust and established a strong competitive position in the marketplace?

Zakir Ibrahimov: Yes, I can confidently say that AzerGold’s retail products have established a loyal customer base and earned a strong position in the domestic market. This is proved by our sales performance and consistently growing consumer interest in our products.

AzerGold’s precious metal products are distinguished by their original designs, manufactured in accordance with international standards, as well as by their guaranteed origin, and reliability. At a time when investment demand for gold and silver continues to grow, we are proud to offer consumers a trusted and accessible alternative. In fact, when we first introduced locally produced gold and silver coins and gold bars to the domestic retail market seven years ago, our primary objective was to promote Azerbaijan’s history, culture, and national heritage through precious metal products marketed under the “Made in Azerbaijan” brand.

We are delighted by the positive response this initiative has received from the public. And gradually this idea has grown into an additional revenue-generating business for the Company. In response to growing customer demand, AzerGold opened its first Sales and Exchange Centre in 2021. Since launching the Centre, we have sold nearly 50,000 gold and silver coins and gold bars, generating more than AZN 116 million in total revenue.

Today, our product portfolio includes gold bars ranging from 1 gram to 1 kilogram, silver bars weighing 250, 500 and 1,000 grams, as well as gold and silver coins in various weights.

To date, we have produced 25 collectible series, comprising 14 gold and 11 silver collections, each dedicated to various themes.

The gold coin collections dedicated to Azerbaijan’s cultural heritage hold a special place and remain our most demanded products. In fact, I would say that some of our limited-edition collections sell out much earlier than anticipated, and at times we find it challenging to meet customer demand.

There is a well-known saying: “If speech is silver, silence is golden.” Lately, however, silver has been attracting just as much attention. We observe growing demand for our silver products, which strengthens their position in the market and contributes to higher sales. I would especially mention “Rare Fauna Species,” “Baku,” and “Ajami Heritage – Nakhchivan” silver coin collections among the most demanded products, all produced by using Smartminting technology.

The first coin in Asia produced by Smartminting technology was our commemorative gold coin, “100 Years of Legacy and Beyond”, minted to mark the 100th anniversary of National Leader Heydar Aliyev.

Smartminting technology represents a major innovation in modern numismatics, enabling the creation of highly sophisticated and three-dimensional coin designs.

At present, our product portfolio includes six silver coins manufactured using this advanced minting technology. By the end of this year, we plan to further expand our portfolio with the introduction of several new products.

Interviewer: Mr Ibrahimov, you mentioned that AzerGold’s achievements extend beyond mining and commercial success. The Company also places considerable emphasis on social responsibility in the regions where it operates. Could you tell us about the initiatives implemented in this area?

Zakir Ibrahimov: You are absolutely right. AzerGold is committed to the principles of sustainable development in every region where it operates and tries to contribute to the State’s social development policy.

Based on our Social Impact and Responsibility Policy, we implement systematic initiatives aimed at supporting local communities across a wide range of areas, including employment, agricultural development, education, healthcare, sport, cultural heritage preservation, and the development of micro businesses.

To date, we have successfully delivered more than 100 corporate social responsibility projects across these priority areas.

Among the initiatives that I would particularly highlight are the construction of a new modular school building in the remote settlement of Gushchu in Dashkasan region, implemented at the initiative of the Heydar Aliyev Foundation with the support of AzerGold; the establishment of Ganja Regional Autism Centre; mobile healthcare programmes that have provided nearly 10,000 free medical consultations and examinations; and support for 66 local farmers aimed at expanding their agricultural activities.

Alongside these projects, we continue to implement a wide range of initiatives aimed at fostering long-term relationships with local communities and promoting social well-being. In close cooperation with local executive authorities, municipalities, and our institutional partners, we regularly organise public awareness campaigns, educational and social initiatives, with a particular focus on supporting the development of children and young people. These activities have become an integral part of our corporate culture.

These initiatives help strengthen mutual trust between the Company and the communities in which we operate, improve social well-being, and contribute to sustainable regional development.

Seeing our efforts acknowledged by both government institutions and non-governmental organizations and being honoured with a number of awards have been both inspiring and motivating for us.

Interviewer: How would you describe the role of environmental responsibility in AzerGold’s operations?

Zakir Ibrahimov: Environmental protection is of particular importance in the mining industry. Therefore, strict compliance with environmental safety requirements is ensured at every stage of our operations. Our approach is based on the belief that the development of the mining industry and the protection of the environment must be advanced in parallel, and a sustainable balance must be maintained between the two.

First and foremost, Environmental, Social and Governance (ESG) principles constitute one of the fundamental pillars of AzerGold’s management. Environmental protection is not just a matter of regulatory compliance for us; it is an integral part of our corporate responsibility.

All of our projects are implemented in accordance with both national legislation and international best practices, for minimizing the environmental impact of mining operations.

As part of our environmental monitoring programme, regular measurements of air quality, water quality, and noise levels are conducted, and waste generated during production is directed to recycling if possible.

I am proud to note that AzerGold is the first mining company in Azerbaijan to implement land reclamation programmes.

Biological reclamation has already been completed at the Aghyokhush-1 deposit following the completion of mining operations, as well as at some parts of the waste rock storage facility within the CIRPA. The reclamation included the restoration of topsoil, slope stabilization, and the establishment of green areas, and this process is to be continued.

In addition, nearly 19,000 trees have been planted. As part of AzerGold’s 10th anniversary programme, additional 10,000 trees are to be planted in Dashkasan and Goygol regions.

Interviewer: Mr Ibrahimov, how is AzerGold contributing to the development of human capital?

Zakir Ibrahimov: The development of human capital is one of AzerGold’s priorities. Our main principle sounds like this: our people are the most valuable asset of our Company. We believe that every success is built upon the expertise of a professional team. So, from the very first day of our operations, we have placed particular emphasis on investing in our workforce by enhancing professional competencies, developing technical skills, and promoting the adoption of modern technologies.

To date, the Company’s operations have created 2,640 permanent jobs. We have also invested in developing a skilled local mining workforce, with a particular focus on residents of remote rural communities. Approximately 80% of employees of AzerGold and its subsidiaries are residents of Azerbaijan’s regions, especially Ganja–Dashkasan region, including remote settlements. Today, Dashkasan has the third-highest average monthly salary in Azerbaijan, after Baku and Khankendi. We attach particular importance to providing employment opportunities for members of the families of martyrs and war veterans.

I would also like to highlight that the planned large-scale projects in the coming years are expected to create up to 10,000 jobs by 2030, and the residents of Azerbaijan’s regions will benefit from these opportunities.

To encourage young people, particularly students from our regions, to pursue careers in the mining industry, AzerGold currently cooperates with nine educational institutions. Through internship and professional development programmes implemented jointly with universities and vocational education institutions, students are provided with opportunities to complement their academic knowledge with practical experience, gain first-hand experience of modern mining operations, and build a strong foundation for their future careers.

For the past five years, our Scholarship Programme has provided financial support, mentoring, and industrial practices for students studying mining, geology, metallurgy, and other related fields.

To date, the programme has awarded scholarships to 47 university students and 52 vocational education students, 13 of whom are now employed by AzerGold.

Furthermore, our “Future Miner” programme introduces mining industry to schoolchildren from an early age, encouraging their interest in mining-related professions and helping them make career choices.

Interviewer: Finally, on the occasion of AzerGold’s 10th anniversary, what message would you like to convey to the Company’s employees and partners?

Zakir Ibrahimov: As AzerGold CJSC marks its 10th anniversary, I would like to sincerely congratulate all of our employees, our partners, and every organisation that has supported us. The achievements of this decade are the result of the strong confidence placed in us by the State, as well as the professionalism and hard work of our entire team.

I am confident that AzerGold will continue to contribute to Azerbaijan’s economic development, the efficient management of our natural resources, and further strengthening our country’s international reputation.

Once again, I congratulate all of my colleagues and wish them continued success in the years ahead.

Thank you for the interview.

I would also like to take this opportunity, through AZERTAC, to convey my warmest wishes to all of your readers.