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BAKU (Scrap Monster): Western Asia nation Azerbaijan's gold output declined sharply by 15% year-on-year to 110.6 kilogram while its silver production dropped significantly by 52% year-on-year to 476.8 kg in the first nine months of this year, as per latest data released by country's State Statistics Committee (SSC).

According to the data, country's total precious metals production of 1587.4 kg is also dropped 31.1% year-on-year in January to September this year. The stock reserves of precious metals as of 1 October 2012 totaled 44.9 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.

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