Azerbaijani Parliament Approve Agreement on Ore Deposits Development
Azerbaijan, Baku / Trend corr. I.Alizadeh / The Permanent Commission of the Milli Majlis (Azerbaijan Parliament) on issues of Natural Resources, Energy and Ecology held discussions of the Law on Permission on adoption, confirmation and implementation of agreements between Azerbaijan and Londex Resourses S.A. and Will and Mayris S.A., Fargate Mining Corporation, Qlobex International LLP and Mitsui Mineral Development Engineering Co.Ltd, as well as on studying, examining, developing and the division of ore of Karabakh, Chovdar, Geydaga, and Dagkasaman mines and the river basin of the Kurakchay River of the Azerbaijan Republic.
MP Valeh Alaskarov, the Chairman of the Permanent Commission stated that the agreement will be in force for a thirty-year term.
The works, envisaged in the programme for each mine, must be carried out within forty-eight months. In the case of the necessity to hold subsidiary searches in the mines, some sixteen months will be allocated towards this action.
The investment liabilities of contractors on this agreement are being assessed by Londex- 45%, Will and Mayris -29%, Fargate- 15%, and Qlobex-11%.
The co-operation on examination of geodesy, cartography and cadastre fields will be discussed prior to signing an agreement between Azerbaijan and Moldova.
The five-year agreement will create conditions for social and economic development of the countries. In compliance with the agreement, co-operation will be implemented through development and the realization of joint programmes and projects.
The agreement will be discussed during the Parliament session on 5 June.