Azerbaijan, Baku /corr. Trend E.Huseynli / Georgia's 'Madneuli' Company which is part of the Financial-Industrial Group 'Industrial Investors' of Russia commenced talks with the Government of Armenia regarding exploitation of the gold field 'Soyudlyu' which is located in Azerbaijan's occupied district of Kalbajar, the consultant of the Ministry of Ecology and Natural Resources of Azerbaijan, Arif Iskandarov, reported to Trend on 27 August.
According to him, recent discussions on the exploitation of the gold field were held in Anglia. The talks were headed by Georgia's 'Madneuli' Company. Over the recent 40 years, the 'Madneuli' Company has been called as one of the leading elements of the Georgian economy and one of the leaders of the metal mining and processing industry. Some 97.25% of the shares of 'Madneuli' was purchased by the Stanton Equities Corporation of Anglia which is part of Financial-Industrial Group 'Industrial Investors' of Russia. In addition, 'Madneuli' holds talks with gold processing company Ararat which functions in Armenia. The Financial-Industrial Group 'Industrial Investors' also includes Indian companies. Earlier the gold field 'Soyudlyu' was exploited by the Canadian First Dynasti Mines (FDM). Over the recent four years, the company produced nearly 13 tons of gold from the field.
FDM was planning to invest $12mln to gold-mining in Armenia by the end of 2007. However, the Canadian company suspended its activity due to a financial scandal with the Armenian Government. FDM invested $ 22.1mln in gold-mining in Nagorno-Karabakh.
The sum of investment of the Canadian company in geological research work in Armenia and Azerbaijani occupied territories made up $4mln.
The Armenian Government is holding negotiations with the International Corporation of the World Bank and other foreign banks to draw new investments in gold-mining.
Some 73% of gold fields of Soyudlu are in the occupied territory of Kalbajar. Despite, the exploitation of the field was suspended in 1992; the American specialists commenced geologically research work here in 1996.
More than 40 tons of gold were found in the field. A contract of $63.3mln was signed between the Industry and Trade Ministry of Armenia and FDM for mountain minerals mining in September 1997.
FDM assets belong to Sterlite Gold LTD, headed by Markus Randolf. In 1998 FDM purchased 50% of stocks of the Armenian company of Ararat Gold Recovery Company and commenced gold mining. First Dynasti Mines acquired the rest half of the stock and became full owners of the Armenian company in 2002.
Khazar Ibrahim, the Press-Secretary of the Azerbaijani Foreign Ministry, has stated that currently the Azerbaijani Embassy in Georgia holds investigations on the issue.