Azerbaijan and Uzbekistan Discuss Opportunities for Joint Exploration of Mineral Deposits
On October 21, a meeting with foreign investors was held during Uzbek President Shavkat Mirziyoyev's working visit to the Kashkadarya region. Discussions focused on expanding the region's industrial and agricultural potential, attracting new investments, and implementing modern technologies.
AzerGold CJSC told Operativ Media that the President of Uzbekistan, addressing the industrial development prospects of the Kashkadarya region, noted that 20 trillion sums in domestic investment have been directed to the region over the past five years. A total of 161 investment projects worth more than $6 billion have been prepared, 69 of which have already been commissioned, while construction on another 92 projects has begun.
Shavkat Mirziyoyev emphasized the importance of deeper raw material processing, adopting modern technologies, and developing value-added production sectors. He announced that 2027 will be declared the year of development for the Kashkadarya region based on modern industrial and agrotechnologies.
The meeting also focused on developing the Azerbaijan–Uzbekistan strategic partnership and expanding economic cooperation. Speaking at the event, Zakir Ibrahimov, Chairman of the Executive Board of AzerGold CJSC, provided details on the activities of "AzerGold Uzbekistan" Foreign Enterprise LLC—the company's first foreign subsidiary established in Uzbekistan—and the prospects for developing the Akba gold deposit located in the Kashkadarya region.
It was noted that in the initial stage of the project, an investment of $7.8 million is planned for preparatory and additional geological exploration work. The investment volume for subsequent stages of preparing the field for operation is projected at a minimum of $100 million.
According to preliminary estimates, the project has the potential to create up to 200 new jobs. The final investment decision on the project is scheduled for 2028. It was noted that initial assessments regarding investment volume, production indicators, and employment opportunities will be refined based on the results of additional geological exploration, mineral resource estimation, feasibility studies, and design processes.
The Akba project is significant for expanding mining cooperation between Azerbaijan and Uzbekistan, efficiently utilizing mineral resources, and increasing mutual investment opportunities. The project's implementation will also enable AzerGold CJSC to expand its international operations and apply its professional expertise in foreign markets.
In addition, on July 17, 2026, a cooperation document was signed between AzerGold CJSC, Uzbekgeologorazvedka JSC, and the Azerbaijan-Uzbekistan Investment Company to conduct joint geological exploration in promising mineral areas of Uzbekistan. Work is currently underway to establish a joint venture to conduct research in areas between the cities of Navoi and Nurata. At the same time, the parties are discussing opportunities for joint exploration and development of other promising mineral deposits located in Azerbaijan and Uzbekistan.
