Accra:Baku AzerGold CJSC has officially established its first foreign subsidiary, AzerGold Uzbekistan Limited Liability Company (LLC) with Foreign Investment, in the Republic of Uzbekistan. The new venture aims to enhance strategic cooperation between Azerbaijan and Uzbekistan in the mining industry and geological exploration sectors.
According to Azeri-Press news agency, the subsidiary will focus on a project centered around the Akba gold deposit in Uzbekistan’s Kashkadarya region. The initiative involves geological exploration, mineral resource assessment, and identifying future exploitation opportunities. The company is in the process of acquiring necessary permits to commence geological exploration at the site.
Once the license is granted by the Uzbek government, the exploration activities, expected to span 18 months, will begin. These activities will include analyzing existing geological data, conducting additional explorations, and assessing mineral resources in line with international Joint Ore Reserves Committee (JORC) standards. The process will also involve metallurgical tests, environmental impact assessments, and evaluating potential extraction and processing technologies.
A final feasibility study will be conducted to evaluate the technical and economic viability of developing the Akba gold deposit on an industrial scale. Based on the findings, an investment proposal will be drafted and submitted to Uzbekistan’s relevant government authorities.
In parallel, AzerGold CJSC is pursuing joint geological exploration of promising mineral resources in Uzbekistan. A trilateral cooperation agreement was signed with Uzbekgeologorazvedka Joint Stock Company and the Azerbaijan-Uzbekistan Investment Company to establish a joint venture for geological exploration between Navoi and Nurata cities. The project includes a two-year initial exploration and financing plan, with potential joint development of economically viable deposits.
The establishment of AzerGold’s operations in Uzbekistan marks a significant step in leveraging Azerbaijan’s expertise in the mining sector through international collaboration. These efforts are poised to bolster economic ties between Azerbaijan and Uzbekistan, facilitate knowledge exchange, and elevate AzerGold’s international operations.