Azerbaijan’s AzerGold sets sights on gold exploration in Uzbekistan

Azerbaijan’s AzerGold is looking to begin gold exploration in Uzbekistan

AzerGold Uzbekistan is the Azerbaijani company’s first overseas subsidiary, the company’s press service said.

The subsidiary will carry out a full geological exploration program at the Akba deposit, evaluate its mineral resources and determine whether commercial development of the site would be feasible.

The company is now working to secure the necessary permits. After receiving a license following the relevant government decision, the exploration program is expected to last 18 months.

Over that period, the company plans to analyze existing geological information, conduct additional fieldwork, estimate mineral resources in accordance with the JORC international reporting standards, perform metallurgical testing and assess the project’s environmental impact. It will also study possible mining and processing technologies.

The results will be used to prepare a final feasibility study to decide whether commercial development is warranted. The company will then prepare an investment proposal for further development of the deposit.

AzerGold is also weighing joint exploration of other promising mineral deposits in Uzbekistan.

The plans include creating a joint venture to explore promising areas between Navoi and Nurata. A geological exploration and financing plan has already been drawn up for the project’s initial two-year stage.

If exploration reveals economically viable mineral reserves, the parties will consider jointly developing the deposits and carrying out 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.