Baku, Fineko/abc.az. Representatives of R.V. Investment Group Services LLS that has become the subcontractor of exploration and development of six gold fields in Azerbaijan met the country’s environment minister Huseyn Bagirov yesterday.

The minister said that the Company is conducting purposeful work to produce the first gold.

“According to the R.V. representative, the Company promises to produce first gold before the end of 2008. It is difficult to call any figures of six fields’ potential and primary production on them,” Bagirov said.

Azerbaijan International Mineral Resources Operating Co, Ltd, was founded for realization of Production Sharing Agreement (PSA) signed on August 21, 1997 between Azerigizil concern (it was removed and its functions were transferred to the Ministry of Environment & Natural Resources of Azerbaijan) and R.V. Investment Group Services LLS. Under the contract, Azerbaijan has equity stake of 51% and the US company 49%. This is the first contract signed for development of gold fields in Azerbaijan and the first PSA not relating to oil and gas sector. Investments for realization of the agreement are estimated as $500 million – 1 billion.

18.04.2008 12:40