Gold deposits near the river Kiurekchay in the Geygels region, in western Azerbaijan, may contain from 200 to 1000 kilos of gold. Its extraction will require complex technological equipment, Vesti.Az reports, citing Azerbaijan’s Minister for Ecology and Natural Resources, Guseyn Bagirov.
At the moment Azerbaijan has 2 consortiums developing gold deposits – R.V. Investment and Azerbaijan International Mineral Resources Operating Co. Ltd. (AIMROC) as part of Londex Resources S.A. (45% share, head of consortium), Willy & Meyris S.A., Fargate Mining Corporation, Globex International LLP and Mitsui Mineral Development Engineering Co. Ltd. The contract should last 30 years. It includes the deposits in Garadagskoye, Chovdarskoye, Geydarskoye and Dashkesanskoye, and the Keynemedanskoye deposits in the Kiurekchay river-basin of Azerbaijan. The government expects 30% profit from realization of the project.
The consortium, headed by Londex Resources S.A., will spend tens of millions of dollars by 2011 on exploration and construction of mining facilities. Overall investment in the project may reach $1-3 billion. Exploration and preparations for exploitation may require $110 million.
