AzerGold CJSC hosted the meeting of the Steering Committee on Production Sharing Agreement

The next meeting of the Steering Committee on Production Sharing Agreement was organized between AzerGold CJSC and R.V.Investment Group Services LLC, USA.

Khayyam Farzaliyev, Chairman of the Steering Committee, Member of the Executive Board – Deputy Chairman of AzerGold CJSC, chaired the meeting which discussed the agenda of operational activities in the contract areas.

First, the updated work programme and budget for 2024 on the Gadabay contract area were discussed and approved at the meeting.

It was noted that after AzerGold CJSC was empowered to represent the Republic of Azerbaijan in the agreement, as a result of joint measures taken to improve the operational activities in accordance with international standards and legislative requirements, production process in the Gadabay contract area was fully restored, including the Flotation and Agitation plants. And consequently, an increase in gold, silver and copper production is being observed during the last quarter of 2024.

The work plan and budget prepared for 2025, action plan of the Working Group formed by the Company under the agreement were also reviewed and appropriate decisions were made during the meeting.

The Steering Committee on the Production Sharing Agreement is composed of the authorized representatives of AzerGold CJSC, the Ministry of Economy, the Ministry of Ecology and Natural Resources, and R.V. Investment Group Services LLC.

Note that AzerGold CJSC was empowered to represent the Republic of Azerbaijan by the No. 1176-VIQ Law of the Republic of Azerbaijan dated June 21, 2024, in connection with contract performance on exploration, development and production sharing of the promising gold, copper and polymetallic ore deposits of the Gadabay, Gosha, Kharkhar, Garadagh, Ordubad group (Piyazbashi, Aghyurd, Shakardara, Kalaki), Gizilbulag, Damirli and Vejnali.