Announcement

Collapse
No announcement yet.

BAKU: US Company to Tackle Development of Gold Deposits

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • BAKU: US Company to Tackle Development of Gold Deposits

    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.
Working...
X