Anglo Asian Mining PLC, the AIM-listed gold, copper and silver producer focused in Azerbaijan, has begun negotiations with the Azerbaijani government to gain access to its contract areas in the Karabakh economic region, Report informs referring to the company’s message.
“Azerbaijan resumed full sovereignty over Karabakh in 2023 and the Russian peacekeepers have recently left the territory. The Company has not yet been granted access to its contract areas in Karabakh. However, preliminary discussions have started with the Government regarding access and commencing production from the assets situated in the contract areas.
Karabakh hosts the Demirli copper and molybdenum porphyry mine, which is an exciting brownfield project that lies within our Demirli contract area.
The Company has started obtaining and collating various documentation regarding the assets in our contract areas in Karabakh and a technical team have recently visited the Demirli processing plant,” reads the report.
In accordance with the PSA-type contract, Anglo Asian Mining PLC owns the rights to develop eight contract areas in Azerbaijan, including in Karabakh the Gizilbulag gold deposit and the Demirli copper-molybdenum deposit. The contract territory Gizilbulag, located in the Agdere district, has an area of 462 square kilometers, the adjacent Demirli section - 74 square kilometers.
Anglo Asian Mining is currently operating the Gadabay and Gosha contract areas.
The PSA type contract was signed on August 21, 1997, and provided for the development of six fields. Azerbaijan’s share in the contract is 51%, Anglo Asian Mining PLC - 49%. The company owns the rights to develop eight contract areas in Azerbaijan.