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Azerbaijan International Mineral Resources Operating Company will launch gold production this year

24 April 2009 16:52 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. Azerbaijan Ä°nternational Mineral Resources Operating Company Ltd. found Chovdar Ore Field promising after exploration, said Huseyn Baghirov, Azerbaijanâ€™s Minister of Ecologyand Natural Resources.

According to him, exploration work at Chovdar has to date spent about 30 million dollars and gold production is slated for commencement by this yearend.

The consortium estimates the field holds more than 10 tons of gold according to exploration in the most productive part of the field, he added.

In his words, the consortium will invest 50 million dollars before production begins.

Russkaya Burovaya Kompaniya (Russian Drilling Company) is engaged in geological exploration work in Chovdar.

Under a 30-year agreement with the Government of Azerbaijan signed on December 30, 2006, the participants interests are was Azerbaijan (30%) and a consortium of 5 companies (70%) (Londex Resources SA, Will and Meyris SA, Fargate Mining Corporation, Globex Ä°nternational LLP. And Mitsui Development Engineering Co. Ltd .).