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Azerbaijan approves document on amending gold deposit agreement with foreign companies

Politics Materials 5 July 2022 19:29 (UTC +04:00)
Azerbaijan approves document on amending gold deposit agreement with foreign companies

BAKU, Azerbaijan, July 5. President of Azerbaijan Ilham Aliyev has signed a Law on the adoption, approval and permission for the document's implementation "On amending the agreement signed between the state-owned AzerGold CJSC and RV Investment Group Services LLC (US) on exploration, development, and distribution of production from promising gold deposits 'Gedabek', 'Gosha', Ordubad group ('Piyazbashi', 'Aghyurd', 'Shakardara', 'Keleki'), 'Soyudlu', 'Gizilbulag' and 'Vezhnali', Trend reports.

The agreement was signed on August 20, 1997, and approved by Law No. 456-IG on March 17, 1998.

In accordance with the agreement, the Ministry of Ecology and Natural Resources and RV Investment Group Services LLC (US) signed an "Amendment to the agreement signed between the state-owned AzerGold CJSC and RV Investment Group Services LLC (US) on exploration, development, and distribution of production from promising gold deposits 'Gedabek', 'Gosha', Ordubad group ('Piyazbashi', 'Aghyurd', 'Shakardara', 'Keleki'), 'Soyudlu', 'Gizilbulag' and 'Vezhnali' in Baku on June 20, 2022.

The Azerbaijani government's guarantees and obligations provided by the Cabinet of Ministers of Azerbaijan to the contractor (hereinafter referred to as the State Guarantee) are also accepted and given permission for implementation.

Once this law comes into force, the change and the State Guarantee acquire legal force. Unless otherwise stated in the agreement, the state provision supersedes the provisions of any other existing laws, decrees or administrative orders of the Republic of Azerbaijan (or parts thereof).

The rights and interests gained by the executor (or his successors) under the state guarantee can't be changed, corrected or reduced without the prior consent of the executor.

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