Australian company to mull possibility of developing gold fields in Azerbaijan

Business Materials 30 March 2018 17:42 (UTC +04:00)

Baku, Azerbaijan, March 30

By Azad Hasanli – Trend:

Representatives of the Australia’s Caravel Minerals company plan to visit Azerbaijan in spring to discuss the possibility of participating in the development of gold deposits, a source in the Azerbaijani government told Trend March 30.

The source reminded that in October 2017, CEO of Caravel Minerals Marcel Hilmer has already visited Baku. During the visit, he met with Chairman of Executive Board of AzerGold CJSC Zakir Ibrahimov.

“Currently, the possibility of holding a new meeting between Caravel Minerals and AzerGold CJSC is being considered. Presumably, the meeting will be held in April, if all the issues are agreed upon,” the source added.

A particular interest of the Australian company is caused by fields in the Balakan district of the country, in particular the Filizchay deposit [the second deposit in Europe and the 10th in the world in terms of resource potential], according to the source.

Meanwhile, this is not an issue of direct gold mining, said the source.

“Currently, Caravel Minerals is discussing the possibility of developing these fields and then transferring them to the government in order to start production,” the source added.

AzerGold CJSC is engaged in in exploration, development and management of gold and iron ore areas of Garadagh, Chovdar, Goydag, Dagkasaman, the Kohnamadan section and the Kurakchay basin.

Currently, Anglo Asian Mining is the only gold producer in Azerbaijan and the company has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.