AzerGold plans to invest at least $100 million in Uzbek gold project

AzerGold CJSC plans to invest at least $100 million in developing the Akba gold deposit in Uzbekistan's Kashkadarya region.

Report informs, citing the company, that $7.8 million will be allocated to preparatory work and additional geological exploration during the project's initial phase. A final investment decision is scheduled for 2028.

Preliminary estimates suggest the project could create up to 200 jobs. However, the final investment amount, production figures and employment opportunities will be determined following additional geological exploration, mineral resource assessments, feasibility studies and project design work.

AzerGold Board Chairman Zakir Ibrahimov presented the project at a meeting with foreign investors on October 21 during Uzbek President Shavkat Mirziyoyev's working visit to Kashkadarya.

He outlined the activities of AzerGold Uzbekistan, a foreign-invested limited liability company established in Uzbekistan as AzerGold's first overseas subsidiary, and the prospects for developing the Akba gold deposit.

The project could contribute to expanding mining cooperation between Azerbaijan and Uzbekistan, ensuring the efficient use of mineral resources and increasing mutual investment opportunities. The initiative is also significant for expanding AzerGold's international operations and applying its expertise in foreign markets.

On July 17, 2026, AzerGold CJSC, Uzbekgeologorazvedka JSC and the Azerbaijan-Uzbekistan Investment Company signed a cooperation document on joint geological exploration in promising mineral areas in Uzbekistan.

Work is underway to establish a joint venture to conduct surveys in areas between the cities of Navoi and Nurata. The parties are also discussing opportunities for the joint exploration and development of other promising mineral deposits in Azerbaijan and Uzbekistan.