US Company to Tackle Development of Gold Deposits
Assa-Irada, Azerbaijan
Feb 12 2005
AssA-Irada 12/02/2005 17:50
A special program on tapping Azerbaijan’s gold deposits has been
developed and submitted to the Cabinet of Ministers, Minister of
Ecology and Natural Resources Huseyn Baghirov told journalists
on Friday.
After the document is passed, US RV Investment Group will tackle
large-scale activity on developing the country’s gold fields, he said.
The US company plans to invest some $500 million in the project,
of which $30-40 million will be spent on exploration work.
The Minister did not elaborate on the gist of the program, but said
RV Investment has already started work on these fields.
Baghirov earlier said that the government had given RV Investment
Group the last opportunity to resume work on the relevant agreement,
saying that if the contract terms are not met, it will start talks
with other companies.
The 25-year agreement, signed earlier by Azergyzyl state company,
abolished in 1997, and RV Investment Group (with Azerbaijan holding
51% stake and the US company 49%), envisions developing 9 fields
containing 400 tons of gold, 2,500 tons of silver and 1.5 million tons
of copper. These fields are mainly located in the Kalbajar, Zangilan,
Dashkasan and Ordubad regions. Three of the deposits are located in
Azerbaijani territories currently occupied by Armenian armed forces.