Azerbaijan International Mining Company joins EITI
Azerbaijan, Baku, Feb. 26 / Trend /
The Azerbaijan International Mining Company (AIMC) has signed a memorandum for accession to the Extractive Industries Transparency Initiative (EITI) in Azerbaijan, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) reported today.
AIMC is the first mining company, which took part in the initiative together with exploration and production companies.
With the signing of the act, AIMC will report to the government about payments.
AIMC, established by the RV Investment Services Group LLC, is the only company involved in gold mining in Azerbaijan. The company has started the export of gold produced from the Azerbaijani Gedabek gold field to Switzerland for refining.
The company will hold exploitation work on six sites, including one in the Autonomous Republic of Nakhchivan, two in Tovuz and Gedabek regions, three in the occupied territory (the Zod in Kalbajar, Gyzylbulag in Agdara and Vejnali in Zangilan).
Under the agreement, 400 tons of gold will be extracted, 2,500 tons of silver and 1.5 million tons of copper.
In general, it is expected to produce 300 million ounces of gold from the Gedabek field until 2015.
After AIMC joins the EITI, the number of companies that have signed a memorandum will be 28. A memorandum with 21 foreign and local mining companies, including major companies such as SOCAR, BP Azerbaijan, Exxon, Statoil, Total, Lukoi, Unocal, Shell, Devon Enerji joined the EITI Nov. 24, 2004. Inpex Azerbaijan, Binaqadi Oil, RAFI Oil, NICO, Apsheron Investment Ltd and GDF SUEZ Eksploration Caspian BV were the last to join the EITI.