Georgian company to invest 2M lari in gold extraction

Oil&Gas Materials 17 May 2019 15:37 (UTC +04:00)

Baku, Azerbaijan, May 17


Georgian company “Teda” won an electronic auction and received a license for a period of 20 years to search and extract mineral copper polymers in the surroundings of the village of Khachkoi in Tsalka municipality in the Kvemo Kartli region, Trend reports via the National Subsoil Agency of the Ministry of Economy and Sustainable Development of Georgia.

Under the terms of the auction, “Teda” will begin to study and mine gold copper polymetals in accordance with modern standards and methods, taking into account the observance of strict environmental protection conditions.

The company will have to invest at least 2 million lari (about $73,000) and employ at least 30 Georgian citizens.

Currently, gold production in Georgia is conducted at a plant in the village of Kazreti (Kvemo Kartli region) at the base of the Madneulsky Mining and Processing Plant.

According to 2018, gold is among the ten major export goods of Georgia. Last year, the share of processed and semi-processed gold in total exports was 2.1 percent. A total of about $70 million worth of gold was exported from the country for the year.