Azerbaijan Parliament Approves Agreement on Ore Deposit Development in Azerbaijan
Azerbaijan, Baku / Trend corr. I.Alizadeh / During the meeting of the Milli Majlis (Azerbaijan Parliament) on 5 June the Law on Permission of adoption, ratification and implementation of agreements among Azerbaijan and Londex Resourses SA, Will and Mayris SA, Fargate Mining Corporation, Qlobex International LLP and Mitsui Mineral Development Engineering Co Ltd on the study, examination, search, development and output of ore in Karabakh, Chovdar, Geydag, Dagkasaman mines and in the Kurekchay River basin were approved.
MP Valeh Alaskarov, the chairman of the permanent Parliamentary commission on Natural Resources, Energy and Ecology, stated that the agreement would be in force for 30 years. The work, envisaged in the programme of deposits, should be carried out within 48 months.
In case of the need to hold subsidiary work in each deposit some 16 months might be allocated. The investment liabilities of the contractors in compliance with this agreement are - Londex 45%, Will and Mayris 29%, Fargate 15
In the implementation of the project there will be a minimum of 45% of Azerbaijani specialists and 80% non-specialists. The number of specialists will be increased in future.
The Azerbaijani MPs consider that the implementation of the project will have a positive impact on economic development of Azerbaijan. The Parliament approved the agreement after discussions.