AzerGold plans geological exploration joint venture in Uzbekistan

Tashkent, Uzbekistan (UzDaily.uz) — The Azerbaijani state company AzerGold plans to establish a joint venture to conduct geological exploration work and evaluate promising subsoil areas in Uzbekistan. This was announced by the Chairman of the Board of the company, Zakir Ibrahimov, in an interview with the state news agency Azertac.

According to him, a framework agreement signed in June 2026 between AzerGold and the Ministry of Mining Industry and Geology of Uzbekistan on the joint development of a gold deposit in the republic marked an important stage in the development of bilateral cooperation.

"We believe that this document became the first important step toward expanding the international activities of our company," Ibrahimov noted.

Currently, AzerGold specialists are conducting an analysis of geological information and evaluating the prospects of project implementation in Uzbekistan.

The next stage will involve the signing of a trilateral agreement between AzerGold, the Azerbaijan-Uzbekistan Investment Company, and Uzbekgeologorazvedka JSC. The document will define the basic conditions for establishing the joint venture, which will handle the geological study and evaluation of promising subsoil plots in Uzbekistan.

According to the head of AzerGold, the implementation of the project will lay a solid foundation for the further development of international cooperation in the mining industry.

Ibrahimov emphasized that expanding international operations is one of the strategic priorities for the company.

"Our goal is to participate in promising mining projects not only in Azerbaijan but also abroad, expanding international partnerships. In recent years, we have been actively studying opportunities for cooperation with various countries. The mineral-rich regions of Central Asia and Africa are of particular interest to us," he stated.

During the visit of the Prime Minister of Azerbaijan, Ali Asadov, to Uzbekistan to participate in the V Tashkent International Investment Forum, a package of bilateral documents was signed, including the agreement on the joint development of a gold ore deposit involving AzerGold.

Previously, the Deputy Minister of Mining Industry and Geology of Uzbekistan, Ural Yusupov, reported that Uzbekistan and Azerbaijan plan to make a final decision by the end of 2026 on launching joint geological exploration work at precious metal deposits.

According to him, the potential of precious metal deposits in the Kashkadarya and Surkhandarya regions, as well as deposits of critical minerals in Karakalpakstan and the Jizzakh region, is currently being studied.

AzerGold CJSC was established by a decree of the President of Azerbaijan, Ilham Aliyev, on 11 February 2015. The company specializes in the geological study, exploration, development, and management of deposits of gold, iron ore, and other minerals.