Azergold founds another subsidiary

By Trend

Azerbaijan’s AzerGold CJSC established its second subsidiary, AzerBlast LLC, Trend reports on May 3 referring to a source in the CJSC.

According to the source, AzerBlast, which will specialize in the production of industrial explosives, was founded with the aim of meeting the domestic market demand for explosives for the mining and construction industries, eliminating dependence on their imports.

Some 51 percent of the total shares of the new subsidiary based on the public-private partnership model belong to AzerGold CJSC, and 49 percent - to DM Service LLC, the official partner of Orica-Nitro, one of the world leaders in the production of explosives and innovative systems, established in 2013.

"Explosives are widely used in industry in the construction of tunnels, highways, dams, as well as in the operation of mines. Against the background of the growth rate of the mining and construction industry, it’s planned to bring the subsidiary's products to international markets while maintaining the local market as the main one,” the source said.

“In the city of Ganja, it’s planned to build a plant for the production of industrial explosives using advanced innovative technologies. Production at the plant will be organized on the basis of international standards, in accordance with environmental norms and rules," added the source.

The activities of AzerBlast LLC will contribute to the creation of permanent jobs within the framework of the State Program for the Socio-Economic Development of Regions for 2019-2023, the development of the non-oil sector, as well as the diversification of exports.

The first established subsidiary of AzerGold CJSC was Dashkasan Damir Filiz LLC.