OREANDA-NEWS. April 17, 2012. Azerbaijan, which started industrial production of gold since July 2009 and publication of accompanying silver production in 2010, lowered production of gold by 29.3% and silver by 41.8% for January –March 2012.

The State Statistics Committee (SSC) informs that for the first three months of the year country’s extraction of precious metals amounted to 547.5 kg (262 kg in January , 135.8 kg in February and 149.7 kg in March) which was less than their extraction for Jan-March 2011 by 38.8%.

At that, stock reserves of precious metals as of 1 April 2012 totaled 101.2 kg (+43.1 kg in March).

Over Jan-March 2012 production totaled 309.1 kg of gold and 238.4 kg of silver. It was produced 132 kg of gold in January and 72.7 kg in February, 99.4 kg in March while silver extraction reached 130 kg, 58.1 kg and 50.3 kg respectively. At that, stock reserves reached 66.5 kg (+31.2 kg in March ) and 34.7 kg of silver (+11.9 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.

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 2010-2012, the overall gold extraction reached 4,317 kg. Overall silver extraction makes at least 2,955 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 in forecasted in 2012.