Dashsalahly Bentonite joint-stock company of Azinshaat Holding and the Scientific Production Association Benthonite of Russia established a joint venture for refinery of bentonite clay. The reserves of mineral are in Gazakh District, West Azerbaija, Trend reports citing Natik Shirinzade, the chairman of the Board of Director of the JV.
Investments in the JV will comprise $12m. The participation share in the company is 50%/ 50%. Russian company has provided $5.4m, which will be spent in 1.5 years. The first stage will end in December, the next in June and the third late this December 2007. Annual capacity of the enterprise is 200,000 tons a year.
Bentonite is used in the oil ad gas industry, metallurgy, founding, machine-building and perfume industry. 95% of the product will be exported to Russia, Belorusm Saudi Arabia.