Prospects of Ukrainian participation in the development of Azerbaijan gold mining industry

Abstract

Article is about the role of formation of the gold mining industry in the economy of Azerbaijan. Despite the fact that historically the country has an abundance of gold, industrial production of the precious metal has begun relatively not long ago. Foreign investors have played an important role in the revival of the country's gold mining industry as they felt certain in getting a large profit from this business. Within a short period of industrial production Azerbaijan managed to replenish its gold reserves by in-house production. However, noting the role of the gold mining industry as a strategic sector of the economy, the article discusses the possibility of the country to carry out their own development of gold deposits, modernize and update the fixed assets in this sphere. Growing financial capacity of Azerbaijan will allow to investing in domestic gold mining, but the main limiting factor in the revival of the gold mining industry will deliver the shortage of personnel. Analyzing the benefits Azerbaijan has got from development of gold mining, the author argues that the gold-mining in Azerbaijan, as a growing industry, has a promising future and not far off the day when the country will take its place among the largest manufacturer and suppliers of gold to the world market.