AzerGold CJSC's first subsidiary abroad, AzerGold Uzbekistan Limited Liability Company (LLC) with Foreign Investment, has been officially registered in the Republic of Uzbekistan, the company told APA-Economics.
The new company, which will contribute to expanding strategic cooperation between the two countries in the mining industry and geological exploration, will primarily focus on implementing a project involving geological exploration, assessment of mineral resources, and identification of future exploitation opportunities at the Akba gold deposit located in Uzbekistan's Kashkadarya region.
Procedures are currently underway to obtain the necessary permits for geological exploration at the Akba gold deposit. Once a license is obtained based on the relevant decision of the Uzbek government, geological exploration work, expected to last 18 months, will begin.
During this period, the existing geological data on the deposit will be analyzed, additional geological exploration will be carried out, mineral resources will be assessed in accordance with the international Joint Ore Reserves Committee (JORC) standards, metallurgical tests will be conducted, environmental impact assessments will be performed, and potential extraction and processing technologies will be examined.
A final feasibility study will be prepared to assess the technical and economic viability of developing the deposit on an industrial scale. Based on the results, an investment proposal regarding the future exploitation of the gold deposit will be prepared and submitted to the relevant government authorities of Uzbekistan.
It should be recalled that on June 17 of this year, a framework agreement on the joint development of the Akba gold deposit in the Kashkadarya region was signed between AzerGold CJSC and the Ministry of Mining Industry and Geology of the Republic of Uzbekistan. The document established a legal basis for expanding cooperation between the two countries in the mining sector and assessing the deposit's potential.
Another important area that AzerGold CJSC plans to pursue in Uzbekistan is the joint geological exploration of the country's promising mineral resources. For this purpose, on July 17, 2026, a document defining the main terms of trilateral cooperation was signed between AzerGold CJSC, Uzbekgeologorazvedka Joint Stock Company, and the Azerbaijan-Uzbekistan Investment Company.
The project envisages establishing a joint venture to conduct geological exploration in promising areas located between the cities of Navoi and Nurata in Uzbekistan.
Work is currently underway to agree on the company's founding documents and obtain the necessary government permits. Once the joint venture is established, geological surveys and exploration activities are planned to be carried out in stages in the promising areas.
An initial geological exploration and financing plan covering a two-year period has been prepared for the project. If the studies identify mineral resources that are economically viable for exploitation, the parties will consider opportunities for the joint development of these deposits and the implementation of relevant investment projects.
At the same time, the parties are currently discussing opportunities for the joint geological exploration and development of other mineral deposits of mutual interest located in Azerbaijan and Uzbekistan.
The launch of AzerGold CJSC's operations in Uzbekistan represents an important step in applying Azerbaijan's institutional and technical experience in the mining sector within the framework of international cooperation.
The planned initiatives will contribute to further strengthening economic partnership between the two countries, expanding the exchange of knowledge and experience in the mining industry, and taking AzerGold CJSC's international activities to a new stage.
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