Azerbaijan’s state-owned mining company AzerGold plans to invest at least $100 million in the development of the Akba gold deposit in Uzbekistan’s Qashqadaryo region.
The company expects to make a final investment decision on the project in 2028. AzerGold plans to allocate $7.8 million during the first phase for preparatory work and additional geological exploration.
Preliminary estimates indicate that the project could create up to 200 jobs. The final investment volume, production capacity and number of jobs will be refined after the company completes its mineral resource assessment, feasibility analysis and project design.
AzerGold’s First Foreign Subsidiary
The project is being developed through AzerGold Uzbekistan, the Azerbaijani company’s first foreign subsidiary.
AzerGold Chairman Zakir Ibrahimov presented the project during Uzbek President Shavkat Mirziyoyev’s working visit to the Qashqadaryo region.
In July 2026, AzerGold, Uzbekgeologorazvedka and the Azerbaijan-Uzbekistan Investment Company signed a document on joint geological exploration of the Akba deposit.
The sides are also discussing the creation of a joint venture to conduct geological research in areas between the Uzbek cities of Navoi and Nurata.
Details were reported by Report.