AzerGold plans to participate in trilateral JV for geological exploration in Uzbekistan
BAKU. July 6 (Interfax) - CJSC AzerGold plans to become a co-founder of a joint venture (JV) for the geological study and evaluation of promising subsoil areas in Uzbekistan, the company's board chairman Zakir Ibrahimov said.
"Of particular importance is the signing last month of a framework agreement between AzerGold and the Uzbek Mining Industry and Geology Ministry on the joint development of a gold deposit on Uzbek territory. We believe that this document is the first important step taken towards expanding the international activities of our company," Ibrahimov said in an interview with the state agency Azertac.
The company's current focus is on evaluating geological data and determining the prospects of projects in Uzbekistan, he said.
"There is also a plan to sign a document between AzerGold, the Azerbaijan-Uzbekistan Investment Company and JSC Uzbekgeologorazvedka in the near future defining the basic conditions for creating a trilateral joint venture for the geological study and evaluation of promising subsoil in Uzbekistan. We believe that this cooperation will create a solid foundation for successfully implementing projects abroad in the future," Ibrahimov said.
Expanding international activities is one of AzerGold's main strategic goals for the coming period, he said.
"Our goal is to participate in promising mining projects not only within the country, but also abroad, as well as to expand international partnership. In this direction, in recent years, opportunities for cooperation with various countries have been studied and important steps have been taken to establish new partnerships. In particular, the mineral-rich regions of Central Asia and Africa are priorities for us," he said.
It was previously reported that bilateral documents were signed during Azerbaijani Prime Minister Ali Asadov's visit to Uzbekistan to participate in the Fifth Tashkent International Investment Forum, one of which provides for developing a gold ore deposit with AzerGold's participation.
It is planned that a decision will be made together with Azerbaijan on launching joint geological exploration work at precious metal deposits by the end of 2026, Uzbek Deputy Mining Industry and Geology Minister Ural Yusupov said. Uzbekistan is studying the potential of precious metal deposits in thee Kashkadarya and Surkhandarya regions, as well as critical materials in Karakalpakstan and the Jizzakh region, he said.
CJSC AzerGold was established by a decree of Azerbaijani President Ilham Aliyev dated February 11, 2015. It is engaged in the study, research, exploration, development and management of gold-bearing and iron ore deposits, as well as non-metallic minerals.
