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Anglo-American Firm Taps Azeri Mining Market

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  • Anglo-American Firm Taps Azeri Mining Market

    Anglo-American Firm Taps Azeri Mining Market

    Agence France Presse
    Aug 5 2005

    05/08/2005 22:35

    BAKU, Aug 5 (AFP) - A British and US-owned firm announced plans
    Friday to invest close to 600 million dollars in the development of
    gold deposits in Azerbaijan, making it the first foreign investor in
    local mining since 1919.

    Anglo Asian Mining Plc said it would invest some 50 million dollars
    (41 million euros) in the first phase of a gold and copper mining
    operation in the Azeri exclave of Nakhchevan.

    Known better for its sizeable oil reserves, Azerbaijan has "the
    potential to become as famous for gold mining and its copper,"
    company Chief Operating Officer Gerald Phillips said.

    Anglo Asian has been granted operating rights to six locations
    across Azerbaijan under a Production-Sharing Agreement (PSA) with
    Azerbaijan, including three areas currently under ethnic Armenian
    military occupation.

    The company holds a 49 percent stake in the PSA with Azerbaijan,
    which holds the remaining 51 percent.

    A first mine is slated to start producing in the third quarter of
    2007, but the company said it had plans to invest roughly 600 million
    dollars in total over the next few years.

    The gold and copper deposits contain an estimated 94 million equivalent
    ounces of gold, Anglo Asian said.

    The company said it was the first international mining firm to enter
    the Azerbaijani market since Germany's Siemens abandoned a copper
    mine when the Bolsheviks invaded in 1919.
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