GEORGIAN COMPANY COMMENCES TALKS ON GOLD PRODUCTION IN OCCUPIED AZERBAIJANI LAND
Trend News Agency, Azerbaijan
Aug 27 2007
Azerbaijan, Baku /corr. Trend E.Huseynli / Georgia’s ‘Madneuli’
Company which is part of the Financial-Industrial Group ‘Industrial
Investors’ of Russia commenced talks with the Government of Armenia
regarding exploitation of the gold field ‘Soyudlyu’ which is located
in Azerbaijan’s occupied district of Kalbajar, the consultant of
the Ministry of Ecology and Natural Resources of Azerbaijan, Arif
Iskandarov, reported to Trend on 27 August.
According to him, recent discussions on the exploitation of the
gold field were held in Anglia. The talks were headed by Georgia’s
‘Madneuli’ Company. Over the recent 40 years, the ‘Madneuli’ Company
has been called as one of the leading elements of the Georgian
economy and one of the leaders of the metal mining and processing
industry. Some 97.25% of the shares of ‘Madneuli’ was purchased
by the Stanton Equities Corporation of Anglia which is part of
Financial-Industrial Group ‘Industrial Investors’ of Russia. In
addition, ‘Madneuli’ holds talks with gold processing company
Ararat which functions in Armenia. The Financial-Industrial Group
‘Industrial Investors’ also includes Indian companies. Earlier the
gold field ‘Soyudlyu’ was exploited by the Canadian First Dynasti
Mines (FDM). Over the recent four years, the company produced nearly
13 tons of gold from the field.
FDM was planning to invest $12mln to gold-mining in Armenia by the
end of 2007. However, the Canadian company suspended its activity due
to a financial scandal with the Armenian Government. FDM invested $
22.1mln in gold-mining in Nagorno-Karabakh.
The sum of investment of the Canadian company in geological research
work in Armenia and Azerbaijani occupied territories made up $4mln.
The Armenian Government is holding negotiations with the International
Corporation of the World Bank and other foreign banks to draw new
investments in gold-mining.
Some 73% of gold fields of Soyudlu are in the occupied territory of
Kalbajar. Despite, the exploitation of the field was suspended in
1992; the American specialists commenced geologically research work
here in 1996.
More than 40 tons of gold were found in the field. A contract of
$63.3mln was signed between the Industry and Trade Ministry of Armenia
and FDM for mountain minerals mining in September 1997.
FDM assets belong to Sterlite Gold LTD, headed by Markus Randolf. In
1998 FDM purchased 50% of stocks of the Armenian company of Ararat
Gold Recovery Company and commenced gold mining. First Dynasti Mines
acquired the rest half of the stock and became full owners of the
Armenian company in 2002.
Khazar Ibrahim, the Press-Secretary of the Azerbaijani Foreign
Ministry, has stated that currently the Azerbaijani Embassy in Georgia
holds investigations on the issue.