Azerbaijan, Baku, 26 January /corr. Trend I.Khalilova / The process of connecting the gold-producing companies to the Memorandum on EITI in Azerbaijan will begin after launching of gold production in Azerbaijan's gold properties, said the Head of the National EITI Commission and also Executive Director of the State Oil Fund of Azerbaijan (SOFAZ), Shahmar Movsumov.
According to accounts of Azerbaijan's Ministry of Ecology and Natural Resources, gold production in Azerbaijan within PSA with American R.V. Investment Company will commence in the third quarter.
"EITI is being spread not only in oil and gas sphere, but also extractive sphere, including gold production," Movsumov said. We always follow this process. The National Commission includes the Ministry of Ecology as well.
Currently 25 oil and gas companies have joined the EITI Memorandum.
As a result of the assessments of R.V. Investment, the annual gold production in Gadebey was determined at 55-70.000. The investments allocations will exceed $25mln,
R.V. Investment Group Services LLC, which signed a PSA-type contract with the Azerbaijani Government, has a contract on development of gold mines in the country. The mentioned contract envisages the development of the six deposits on the South-West of Azerbaijan - Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vajnali, and Soyutlu. Some 49% of the participation share in the contract belongs to RV Investment Services Grouр LLC and 51% - Government of Azerbaijan.