AzerGold Uzbekistan is the Azerbaijani company’s first foreign subsidiary, according to the company’s press service.
The subsidiary will conduct comprehensive geological exploration at the Akba deposit, assess its mineral resources and determine whether developing the site commercially would be viable.
The company is currently seeking the required permits. Once it obtains a license following a relevant government decision, the exploration program is expected to run for 18 months.
During that period, the company plans to review existing geological data, carry out additional fieldwork, estimate mineral resources in line with the JORC international reporting standards, conduct metallurgical tests and assess the project’s environmental impact. It will also examine potential mining and processing technologies.
The findings will be used to prepare a final feasibility study to determine whether commercial development is justified. The company will then draw up an investment proposal for the deposit’s further development.
AzerGold is also considering joint exploration of other prospective mineral deposits in Uzbekistan.
The plans include establishing a joint venture to explore promising areas between Navoi and Nurata. A geological exploration and financing plan has already been prepared for the project’s initial two-year phase.
If exploration identifies economically viable mineral reserves, the parties will consider jointly developing the deposits and implementing investment projects.
The two sides are also discussing opportunities for joint exploration and development of other mineral deposits of mutual interest in both Azerbaijan and Uzbekistan.
