AzerGold

What AzerGold does

AzerGold QSC is Azerbaijan's state-owned precious and non-ferrous metals mining company, founded in 2016 and headquartered in Baku. The company operates a vertically integrated value chain spanning geological exploration, ore extraction, processing, and the production of certified 999.9-fineness gold and silver products. Its core asset is the Chovdar Integrated Regional Processing Area (CIRPA) in Dashkasan district, established in 2020, complemented by the Demirli Ore Processing Complex in Aghdara district (liberated territories), with active mining projects including Chovdar, Aghyokhush, and large-scale geological research initiated at Zod in August 2025. AzerGold's retail business sells commemorative gold coins (Bakı, Şuşa, Qarabağ İnciləri, Qarabağ Xalçası Çələbi, Qobustan) and 10-oz gold bars through the Sales and Exchange Centre at 3 Bulbul Avenue, Baku, and the online storefront www.azergold.gift, with same-day delivery to Baku, Absheron, and Sumgayit; pricing for gold products is anchored to the Central Bank of Azerbaijan's daily rate and the company operates a buyback program. B2B raw gold and silver are sold to industrial buyers via contract agreements initiated through [email protected].

The company's revenue model is anchored on three streams: (1) one-time retail sale of gold coins, bars, and silver products; (2) B2B raw precious-metals contracts; and (3) bond issuance (AzerGold istiqrazları) as a financing instrument. Two wholly-owned operating subsidiaries — Dashkasan Iron Ore LLC (iron ore mining) and AzerBlast LLC (blasting operations) — extend the scope beyond precious metals. In 2025 AzerGold reported USD 266.45M in revenue (+46% YoY), USD 82.06M in net profit (+148.5%), USD 142.48M in EBITDA (+58.52%), and USD 573.63M in total assets, audited by PricewaterhouseCoopers. Internationally the company is pursuing expansion through bilateral partnerships, most notably a June 2026 joint gold-deposit development agreement with Uzbekistan's Ministry of Mining Industry and Geology signed at the 5th Tashkent International Investment Forum, alongside engagements with delegations from Guinea and Somalia facilitated through the Islamic Development Bank Group Annual Meetings. AzerGold was the first mining company in Azerbaijan to implement land reclamation works and operates a scholarship and vocational-training partnership with the State Agency for Vocational Education to build its mining talent pipeline.

Name

AzerGold

Legal name

AzerGold QSC

Website

https://azergold.az

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

251–500 employees

Short description

AzerGold QSC is Azerbaijan's state-owned mining company that explores, extracts, and processes precious and non-ferrous metals — primarily gold and silver at Chovdar, Aghyokhush, and Demirli — selling certified 999.9-fineness coins and bars to domestic retail consumers via a Baku sales centre and online store, and raw materials to industrial buyers under contract.

Ownership category

akta.pro rank

Product category

Gold and Precious Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers (42394), Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers (423940)

SIC

Gold And Silver Ores (1040), Wholesale-Jewelry, Watches, Precious Stones & Metals (5094), Primary Smelting & Refining Of Nonferrous Metals (3330), Retail-Jewelry Stores (5944)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Minting & Bullion Products (IMAKAEAJ), Silver Mining (IMAKAEAB), Precious Metals Smelting & Refining (IMAKAEAE), Fine Jewelry Wholesale & Trading (CRAKAAAL)

Keywords

• Gold mining
• Precious metals extraction
• Ore processing
• Gold coin products
• Mineral exploration

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Gold and Silver Product Sales (Retail): AzerGold produces and sells gold and silver products including coins (Baku 2oz, Karabakh Pearls, Karabakh Carpet Çələbi, Shusha 20g, Gobustan 5g) and gold bars (10 oz) to retail consumers through its Sales and Exchange Centre in Baku and the online platform www.azergold.gift. Products carry 999.9 fineness and include international certificates from a certified refining company. The company also offers a buyback program for its own products.
2. Raw Gold and Silver B2B Sales: AzerGold sells raw gold and silver to industrial and commercial buyers under contract agreements. Buyers contact [email protected] to initiate purchases.
3. Bond Issuance: AzerGold has issued bonds (AzerGold istiqrazları) as a financing instrument, listed on the company's website under dedicated bond information pages.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

AzerGold QSC is Azerbaijan's state-owned mining company that explores, extracts, and processes precious metals (primarily gold and silver) from deposits such as Chovdar, Agyokhush, and others across the Dashkasan, Goygol, and liberated Aghdara regions. It produces and sells certified 999.9 fineness gold retail products (branded coins including Bakı, Qarabağ İnciləri, Qarabağ Xalçası Çələbi, Şuşa, Qobustan, plus 10 oz gold bars) and raw gold/silver to industrial buyers, and pursues international joint-development mining partnerships with foreign governments.

Product overview

AzerGold CJSC is Azerbaijan's state-owned gold mining and precious metals company operating a portfolio of mining projects and precious metal products. The core operations include gold extraction from deposits such as Chovdar and Ağyoxuş, iron ore mining through subsidiary Dashkasan Iron Ore LLC, and ore processing at facilities including the Chovdar Integrated Regional Processing Area (CIRPA) and the Demirli Ore Processing Complex in liberated territories. The company produces retail gold and silver products including branded coins (Bakı, Şuşa, Qarabağ İnciləri, Qarabağ Xalçası 'Çələbi', Qobustan) and gold bars, sold through the azergold.gift online platform and the Sales and Exchange Centre in Baku. The subsidiary AzerBlast LLC supports mining operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Bakı Gold Coin 999.9 fineness gold coin weighing 2 oz, priced at AZN 665.00 (based on Central Bank of Azerbaijan daily rate). Sold at the Sales and Exchange Centre and online store for individual investors and gift buyers.
• Qarabağ İnciləri (Karabakh Pearls) Gold Coin 20-gram 999.9 fineness gold coin featuring the Karabakh pearls theme, sold at AZN 2,630.00. Available through the Sales and Exchange Centre and azergold.gift online store.
• Qarabağ Xalçası 'Çələbi' (Karabakh Carpet Chelebi) Gold Coin 5-gram 999.9 fineness gold coin featuring the Karabakh carpet 'Chelebi' design, sold at AZN 220.00. Available through the Sales and Exchange Centre and azergold.gift online store.
• Şuşa (Shusha) Gold Coin 20-gram 999.9 fineness gold coin commemorating Shusha city. Available through the Sales and Exchange Centre and azergold.gift online store.
• Qobustan Gold Coin 5-gram 999.9 fineness gold coin featuring the Gobustan theme, sold at AZN 105.00. Available through the Sales and Exchange Centre and azergold.gift online store.
• Qızıl Külçə (Gold Bar 10 oz) Investment-grade gold bar weighing 10 ounces with 999.9 fineness, sold at AZN 2,585.00. Eligible for the company buyback program at the Sales and Exchange Centre at Central Bank daily rate.
• Sales and Exchange Centre (Satış və Mübadilə Mərkəzi) Retail Service Physical retail service at 3 Bulbul Avenue, Baku (near Sahil metro station) providing gold and silver coin and bar sales to retail buyers along with a buyback program for AzerGold-issued products, priced at the Central Bank of Azerbaijan daily rate. Operating since the company's establishment.
• B2B Raw Gold and Silver Sales (Contract Supply) Contract-based sale of raw gold and silver to industrial and commercial buyers under individually negotiated terms. Initial buyer contact is via [email protected], after which contract agreements are finalized for raw precious metal supply.

Quantifiable outcome

• 46% increase in sales revenues (to USD 266.45M) and 148.5% surge in net profit (to USD 82.06M) for year-end 2025, audited by PricewaterhouseCoopers
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Uzbekistan Ministry of Mining Industry and GeologycoreStrategic or Co-development Partner · 16 June 2026Uzbekistan's Ministry of Mining Industry and Geology signed a cooperation agreement with AzerGold for joint geological exploration and mineral deposit development in Uzbekistan. The agreement was signed at the V Tashkent International Investment Forum attended by both countries' prime ministers. Specific terms were not immediately released.
• NEQSOL HoldingcoreStrategic or Co-development Partner · 16 June 2026NEQSOL Holding participates in the critical minerals component of the bilateral mining agreement between Azerbaijan and Uzbekistan, alongside the primary agreement involving AzerGold and Uzbekistan's Ministry of Mining Industry and Geology. The agreement also covers banking operations and an investment deal for a tourist resort in the Jizzakh region.
• Republic of UzbekistancoreStrategic or Co-development Partner · 16 June 2026Bilateral agreement signed between Azerbaijan and Uzbekistan at the 5th Tashkent International Investment Forum with participation of both countries' prime ministers. The agreement entails joint development of a gold deposit in Uzbekistan with the participation of AzerGold CJSC. Document signed by Zakir Ibrahimov, Chairman of the Executive Board of AzerGold CJSC, and Feruza Hamidova, First Deputy Minister of Mining Industry and Geology of Uzbekistan.
• Somali Development and Reconstruction BankminorStrategic or Co-development Partner · 1 June 2026Meeting held at AzerGold CJSC with Adam Roble, Director General of the Somali Development and Reconstruction Bank, who is visiting Azerbaijan as part of the 2026 Annual Meetings of the Islamic Development Bank Group. The bank is participating in Somalia's national program to study, map, and restore historical geological data on gold, uranium, lithium, and titanium resources. The bank intends to benefit from AzerGold's experience in attracting international investors and in geological exploration and extraction.
• Islamic Development Bank GroupminorStrategic or Co-development PartnerAzerGold participated in meetings held within the framework of the Islamic Development Bank Group's 2026 Annual Meetings in Azerbaijan, which facilitated meetings with delegations from Guinea and Somalia seeking cooperation in mining and geology.
• Republic of Guinea - Ministry of Planning, International Cooperation and DevelopmentminorStrategic or Co-development PartnerMeeting held at AzerGold with Ismael Nabe, Minister of Planning, International Cooperation and Development of the Republic of Guinea. Discussions covered potential cooperation in mineral production, geological exploration, personnel training, and experience exchange. Guinea expressed particular interest in cooperation on training highly qualified personnel in mining and geology at the Academy established under the Simandou iron ore project — a venture of strategic importance to the global steel industry.
• State Agency for Vocational Education (Azerbaijan)minorStrategic or Co-development PartnerPartnership agreement signed on May 19, 2020, for the joint preparation of qualified personnel in mining-related fields. The collaboration covers updating curricula for two mining industry specialties ('Mining specialist' and 'Chemical analysis laboratory technician'), translation and publication of leading foreign mining textbooks, establishment of new laboratories and workshops, and organization of short-term training courses.
• Heydar Aliyev FoundationminorStrategic or Co-development PartnerThe Heydar Aliyev Foundation co-supported the 'Chovdar Necropolis' archaeological research project carried out alongside AzerGold CJSC and the Institute of Archaeology and Anthropology of the Azerbaijan National Academy of Sciences. The project, ongoing since 2019, uncovered 156 graves dating to the Late Bronze and Early Iron Ages and over 6,000 artifacts.
• Institute of Archaeology and Anthropology of the Azerbaijan National Academy of Sciences (ANAS)minorStrategic or Co-development PartnerThe Institute conducted fundamental archaeological research at the Chovdar Necropolis, including participation of specialists from Italy, Japan, and Turkey. For the first time in Azerbaijan, DNA analyses were conducted on human remains from the necropolis. Spectral analyses were conducted in Pisa, Italy.
• Regional Development Public Union (RİİB)minorStrategic or Co-development PartnerJoint initiatives with RİİB include tree planting campaigns (planting 10,000 trees in Dashkasan and Goygol districts for AzerGold's 10th anniversary), World Environment Day events, and environmental protection activities in the regions where AzerGold operates.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Polymetal International: Russia/CIS-focused gold and silver producer with comparable scale, multi-asset pipeline, and vertically integrated ore-to-bullion model. Closest publicly-listed analogue on geography and metal mix.
• Navoi Mining and Metallurgical Combinat: Uzbekistan's state-owned gold and uranium mining giant. Direct comparable: sovereign-backed mining operator in the same region, now AzerGold's bilateral partner, with vertically integrated mining-to-product operations on gold and adjacent metals.
• Eurasian Resources Group (ERG): Kazakhstan-headquartered diversified mining group (formerly ENRC) with significant CIS precious and base metals exposure. Comparable as a state-influenced, vertically integrated resource platform operating across multiple jurisdictions.
• Polyus Gold: World's fourth-largest gold miner by output, Russian headquartered, with large-scale Siberian/CIS gold operations and an integrated processing footprint. Comparable on asset scale, gold-only focus, and CIS operating context.
• KAZ Minerals: Kazakhstan-based major copper miner with growing gold by-product and CIS-concentrated asset base. Comparable as a CIS-listed/aligned miner pursuing growth through project development in regional jurisdictions.
• Altynalmas: Kazakhstan's largest gold producer, operating multiple deposits and processing facilities. Direct peer given shared post-Soviet institutional heritage, gold-focused portfolio, and state-aligned ownership structure.

Regional players

• Centerra Gold: Canadian-listed gold producer historically anchored by the Kumtor mine in Kyrgyzstan. Relevant regional peer given overlapping Central Asian operational geography, sovereign-counterparty dynamics, and mid-tier gold scale comparable to AzerGold.

Broad incumbents

• Newmont Corporation: World's largest gold miner by output. Relevant broad incumbent for benchmarking scale economics, ESG/reclamation practices, and the global cost-curve positioning that AzerGold must navigate as it internationalizes.
• Shandong Gold: Major Chinese state-owned gold miner with vertically integrated mining-to-jewelry operations and a sizeable retail bullion brand. Comparable on state-owned status, vertical integration, and the mine-to-coin/bar retail channel.
• AngloGold Ashanti: Global senior gold producer with operations across Africa, the Americas, and Australia. Useful broad incumbent benchmark for valuation multiples, capital allocation, and reserve-replacement discipline in the gold-mining peer set.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/azergold_qsc
• YouTubeyoutube.com/channel/UCNyAmhTZQbS7IvgoJBR4yCw
• Facebookfacebook.com/azergoldqsc
• LinkedInlinkedin.com/company/azergold-cjsc
• Instagraminstagram.com/azergold.az

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AzerGold