The country lowered production of gold by 15.7% and silver by 51.1% for Jan-Aug 2012.

The State Statistics Committee (SSC) informs that for the first 8 months of the year country’s extraction of precious metals amounted to 1,229 kg (262 kg in January, 135.8 kg in February, 149.7 kg in March, 547.5 kg in April, 166 kg in May, and 194.6 kg in June, 177.1 kg in July, and 193.8 kg) that was less than their extraction for Jan-Aug 2011 by 31.4%.

At that, stock reserves of precious metals as of 1 September 2012 totaled 51.2 kg (-33.6 kg in August).

Over Jan-Aug 2012 production totaled 973.1 kg of gold and 449.8 kg of silver. It was produced 132 kg of gold in January, 72.7 kg in February, 99.4 kg in March, 90.5 kg in April, 116.2 kg in May, 157,8 kg in June, 143 kg in July, 156.5 kg in August, while silver extraction reached 130 kg, 58.1 kg, 50.3 kg, 53.4 kg, 49.8 kg, 36.8 kg, 34.1 kg, 37,3 kg respectively. At that, stock reserves totaled 32.4 kg (-35.2 kg in August) and 18.8 kg of silver (+1.6 kg).

Last year country’s extraction of precious metals amounted to 2,992 kg (including 233 kg in December) and their stock reserves totaled 104 kg (+47 kg in December). In 2011, the country extracted 1,775 kg of gold and 1,217 kg of silver, and their stock reserves made up 48 kg and 44 kg of silver respectively.

In 2010, extraction reached 1,900 kg of gold and 1,500 kg of silver in 2010, including 273 kg (gold production record) in August.

From July 2009 to 1 January 2010 the country extracted 333 kg and with taking into account the production in 2010-12, the overall gold extraction reached 4,981 kg. Overall silver extraction makes at least 3,166 kg.

The Environment & Natural Resources Ministry estimates that the country is able to produce about 10-15 tons of gold a year. Extraction of 7.5 tons of gold was forecasted in 2012.

News.Az