TODAY.AZ / Business

Azerbaijan completing buyout of foreign contractors’ shares in ferrous metal deposits

14 May 2018 [10:13] - TODAY.AZ

By  Trend


AzerGold State Company is completing the procedure of buying out the share of foreign contractors in some mines and deposits in Azerbaijan, said Zakir Ibrahimov, Chairman of the Management Board of the Company in an exclusive interview to Trend.

"Works on handover and acceptance with the founding companies of the operating company AIMROC are at the final stage," Ibrahimov said.

In 2016, the President of Azerbaijan Ilham Aliyev signed a decree on some measures in the sphere of study, research, exploration and development of mining properties "Garadagh", "Chovdar", "Goydag", "Dagkesemen", a section of "Kohnamadan" mine and deposits of the Kurakchay river basin. The order provided, among other things, for the purchase of shares of foreign contractors in these mines and deposits.

The government will allocate necessary funds for buyout of foreign contractors’ shares, said Ibrahimov. However, their total value can be discussed only after the completion of acceptance of assets and preparation of a work program for the development of these deposits.

Chairman of the Board of the Company also excluded the possibility of new companies specialized in non-ferrous metals extraction to appear in Azerbaijan in the nearest future. According to Ibrahimov, no new talks are currently underway in this direction.

"AzerGold carries out extraction of precious metals on its own. We have sufficient human and logistical resources to do so. At the same time, AzerGold attaches great importance to cooperation in the field of attraction of financial resources, investments, exchange of views and experience in order to expand the scope of ongoing activities. At the same time, in order to develop evaluation documents, the Company actively cooperates with world-famous consulting companies. In addition, our foreign partners assist us in geological, geodetic, hydrological research, as well as in laboratory analysis," Ibrahimov said.

CJSC AzerGold which started functioning in July, 2016 is engaged in studying, research, investigation, management of deposits of precious and non-ferrous metals, their production, processing and sale, and also application in this sphere of new technologies, improvement of material and technical base and performance of other works connected with development of this area.

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