Azerbaijan’s state-owned mining company AzerGold has registered its first foreign subsidiary, AzerGold Uzbekistan LLC, to assess the Akba gold deposit in Uzbekistan’s Qashqadaryo region.
After securing the required government decision and license, the company plans to begin an 18-month geological exploration program, according to APA.
The work will include reviewing existing geological data, conducting additional exploration, estimating mineral resources under Joint Ore Reserves Committee standards, performing metallurgical tests, assessing environmental effects and studying possible extraction and processing technologies.
The program is expected to produce a feasibility study and an investment proposal for the possible commercial development of the deposit.
Second Exploration Venture Planned
AzerGold is also finalizing a joint venture with Uzbekgeologorazvedka and the Azerbaijan-Uzbekistan Investment Company to explore promising areas between Navoi and Nurata, Vesti Baku reported.
The initial exploration and financing plan is designed for two years. Commercial development would proceed only if the partners identify economically viable mineral resources.