Though Azerbaijan is considered oil country, the contracts for the exploitation of natural resources were concluded not only in this industry. Despite its small commercial importance as compared with oil, gold deposits also attract considerable attention, especially if to remember that this ever-precious metal due to the financial crisis, which reduced the value of currencies, became an increasingly significant economic value.
Within the development of this industry in the country, the Commission for Extractive Industry Transparency Initiative (EITI) in Azerbaijan decided to connect the gold-mining companies to the memorandum on EITI.
The decision on connecting new companies in the extractive industries, involved in the production of gold and oil and gas field, to the EITI was made at the recent meeting of the commission.
Currently 26 oil and gas companies joined the memorandum although more than 100 companies operate in this sphere. Today only the operating company Azerbaijan International Mining Company (AIMC) established RV Investment Services Grour LLC deals with the production of gold. The company started exporting gold produced from Gedabek gold field in Azerbaijan to the refining in Switzerland.
Under the PSA agreement signed with the Azerbaijani government, the Anglo Asian Mining PLC has the right to develop six fields in the south-west of Azerbaijan - Gedabek, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. Under the contract, it is expected to produce about 400 tons of gold, 2500 tons of silver and 1.5 million tons of copper on the fields.
At the meeting of EITI the Executive Director of SOFAR Shahmar Movsumov also informed about the process of preparing for the meeting of the International Board of EITI, which will be held in Baku on October 14-15, calling on members of the initiative to actively participate. The meeting also agreed upon a document to be signed in connection with the formation of a multilateral group with regards to EITI implementation in Azerbaijan.