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Azerbaijan completes exploring for gold production

Business Materials 7 May 2009 19:59 (UTC +04:00)

Azerbaijan, Baku, May 7 / Trend U. Ismayilova /

Exploring operations at gold fields were fully completed in Azerbaijan, minister of ecology and natural resources Huseyngulu Bahirov said on May 7.

"Presently, both consortiums participating in developing of fields prepare for gold production in the country," minister said.

Minister refused from calling initial volume of extraction and other details.

Two consortiums operate in developing gold fields in Azerbaijan - R.V.Investment (contractual area includes 6 fields, including Gedabey) and Azerbaijan International Mineral Resources Operating Co.Ltd (AIMROC) consisting of Londex Resources S.A. (45 percent of share holding, consortium head), Willy & Meyris S.A., Fargate Mining Corporation, Globex International LLP and Mitsui Mineral Development Engineering Co. Ltd.

Gold extraction can be launched in Azerbaijan in the mid. of 2009, minister said earlier. Gold reserves reach several hundreds tons in the country. There can be more real reserves.

"We will determine real proposals soon as exploring operations continue," Bahirov said.

Total amount of investments in implementation of this project can hit from $1 to $3 billion. But roughly $110 million can be required for research, exploring and preparation of fields for exploitation. 

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