Next visit of AzerGold delegation to Gadabey Contract Area

The delegation of AzerGold CJSC re-visited the Gadabey Contract Area within its contract performance with R.V. Investment Group Services LLC. First, Zakir Ibrahimov, Chairman of the Executive Board of the Company, members of the working group established under the Company, and other authorized representatives visited the wet tailings and other infrastructure facilities near the Soyudlu village of Gadabey region.

The delegation was provided with detailed information about the construction of embankment for ensuring the stability of the wet tailings facility in Gadabey Contract Area. The construction process was started in August after the approval of necessary documents by the relevant state institutions and after obtaining permission for the construction. AzerGold CJSC provided its support in these processes, and the construction will be completed by November of 2024.

During the visit AzerGold delegation met with the representatives of Azerbaijan International Mining Company Ltd. (AIMCL) – the operator of the mining projects of R.V. Investment Group Services LLC. The realized activities, after the partnership authority has been assigned to AzerGold CJSC under the Contract, were discussed at the meeting.

All necessary measures have been taken to meet the requirements of the Contract, of the local and international standards while realizing mining operations. We work intensely to improve the operations of the foreign company, to adapt the process to the local legislation, to boost the quality of business operations, as well as to support the operation of Damirli copper-molybdenum deposit in Aghdara region as soon as possible, said Zakir Ibrahimov. Mr Ibrahimov highlighted the necessary measures for further strengthening of the cooperation and the expectations, and gave some instructions and recommendations for proper and timely operations.

Farhang Hedjazi, Vice-president of Technical Services at AIMCL, noted that production will gradually be restored from the next month due to the joint efforts and support by AzerGold CJSC. As a result, the company’s production index will increase, and reach the level of 2023 at the beginning of 2025.

Farhang Hedjazi expressed his gratitude to the government of Azerbaijan in his speech for the support and effective cooperation in solving the operational problems faced by AIMCL.

Issues of mutual interest and necessary measures for the sooner operation of the Damirli copper-molybdenum deposit were considered at the meeting, and the realization of the discussed issues according to the Agreement and relevant legislation were included in the final protocol of the meeting.

The Production Sharing Agreement was signed on August 20, 1997 between Azergizil State Company of the Republic of Azerbaijan and R.V. Investment Group Services LLC. From January 22, 2000 until the amendment to the Agreement, the Ministry of Ecology and Natural Resources has been considered the legal successor of Azergizil after its litigation for the obligations arising from the Agreement. According to the No. 1176-VIQ Law of the Republic of Azerbaijan dated 21 June 2024, the authority to represent the state in connection with the implementation of the Agreement was assigned to AzerGold CJSC.