Investment tender announced on Dashkesen ore-dressing plant
By Nigar Abbasova
Azerbaijan’s State Committee on Property Issues has announced an investment tender on the sale of 99.22 percent share in the Dashkesen ore-dressing plant.
The total cost of shares put up for sale amounts to 1.05 million manats ($ 0.61 million).
The investment program with a 3-year term and worth not less than $600 million should cover construction of integrated steel plants in Azerbaijan that encompasses whole production chain ranging from raw material processing to final product. Moreover, it should create new workplaces for at least 1,000 people.
The enterprise has obligations worth 16.6 million manats ($ 9.70 million), with nearly 652,160 manats ($ 381,469) falling to a share of unpaid wages, some 1.67 million manats ($ 0.97 million) accounting for arrears on communal services, 4.56 million manats ($ 2.66 million) on transfers to the state budget, 2.03 million manats ($ 1.08 million) on transfers to the State Fund on Social Protection, 2.04 million of credit debts, as well as nearly 5.5 million manats ($ 3.21 million) of other arrears.
Applicants should also present offers on payments to the budget, while minimal amount of the offers should stand at 110 million manats ($ 64.34 million). Investment offers will be accepted until December 19, 2016.
The Dashkesan iron ore mine is located approximately 40 km south of the city of Ganja, Azerbaijan. The proven reserves of iron ore are estimated at 270 million tons.
The plant is deemed to be the only iron ore enriching venture in the South Caucasus.
The privatization process is designed to attract both foreign and local investors, as well as improve the business environment of Azerbaijan.
The next auction, which is scheduled for December 20 will put up for sale some 84 enterprises and properties, including 23 joint stock companies, 26 small enterprises and properties, 32 of unused non-residential areas and 3 vehicles.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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