TODAY.AZ / Business

British Company illegally tapping gold in Azerbaijan’s occupied lands sells its share to Georgian-Russian Company

20 December 2007 [12:42] - TODAY.AZ
Ecological situation is unsatisfactory in Azerbaijan’s lands occupied by Armenia, said Azerbaijan’s Minister of Ecology Huseyn Baghirov.
“Worsening environmental condition in the occupied territory has harmful and psychological influence on people. They burn plants and soil surface. We have footages that show Armenians were violently exploiting our gold deposits in Kalbadjar. Celliti Gold Ltd., British offshore company with Canadian capital, has sold its 95.6% stake in Soyudli Gold Deposit Development Project to Georgia’s Madneuli owned by Russia’s Prominvest Group. It is a war [between Azerbaijan and Armenia]. This shows aggression of Armenia,” he added.

Celliti Gold Ltd. sold Soyudli Gold Deposit to Madneuli for $97.148 million. 73% of the deposit is located in the occupied part of Kalbadjar, an Azerbaijani region occupied by Azerbaijan. Although exploitation was shut down in 1992, US specialists started geological exploration in 1996 and found the deposit holds more than 40 tons of gold in reserve.

/APA/

 
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