A new deposit of precious metals Marakh, operated by the state-run AzerGold company, has been commissioned in the Dashkesan region of Azerbaijan.

“The geographical proximity of the Marakh field to the actively developed largest Chovdar field allows us to understand the details of the production process, creates a basis for reducing capital and operating costs and further increasing the economic efficiency of the two-year project,” AzerGold said in a statement.

Marakh was discovered in 2018 by geologists of AzerGold CJSC to the north of Chovdar. Its projected reserves were not disclosed.

Since the beginning of the development of the Chovdar deposit in 2016, 259,000 ounces of gold have been produced from it, and in the coming years, it is planned to produce an additional 338,000 ounces of gold.

AzerGold operates several sites in Azerbaijan.

Gold, copper and silver are also produced in Azerbaijan by Anglo Asian Mining, the London-listed joint-venture between the British company and Azerbaijan’s government.