Auriferous ore processing plant will be erected in Azerbaijan by the end of 2006, Trend reports quoting Riza Vizari, President, R.V.Investment Group Services LLC. The plant is purchased in Australia at $47mln.
He said the plant will be delivered to Azerbaijan and erected in Gedabek upon completion of exploratory operations at the fields of this area.
Jerald Philips, CEO, Azerbaijan Mining Company, said Soviet scientists estimated the reserves of Gedabek field in 20mt of copper and 800k troy ounces of gold and those of Gosha in 5mt of copper and 400k troy ounces of gold.
As to the quality of gold, Mr Philips said it is quite high.
The contract for development of six goldfields in Southwest Azerbaijan, Gedabek, Ordubad, Gosha Bulag, Gyzyl Bulag, Vejnali and Soyutlu, was signed August 1997. 49% stock in the contract belong to RV Investment Services GrouСЂ LLC and 51% to Ministry of Ecology and Natural Resources of Azerbaijan.