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Azerbaijan approves document on amending gold deposit agreement with foreign companies

6 July 2022 10:50 (UTC+04:00)
Azerbaijan approves document on amending gold deposit agreement with foreign companies

Azerbaijani President Ilham Aliyev has signed a law on the adoption, approval, and permission for the document's implementation "On amending the agreement signed between the state-owned AzerGold CJSC and RV Investment Group Services LLC (US) on exploration, development, and distribution of production from promising gold deposits Gadabak, Gosha, Ordubad group (Piyazbashi, Aghyurd, Shakardara, Kalaki), Soyudlu, Gizilbulag, and Vezhnali.

The agreement was signed on August 20, 1997, and approved by Law No. 456-IG on March 17, 1998.

In accordance with the agreement, the Ministry of Ecology and Natural Resources and RV Investment Group Services LLC (US) signed an "Amendment to the agreement signed between the state-owned AzerGold CJSC and RV Investment Group Services LLC (US) on exploration, development, and distribution of production from promising gold deposits Gadabak, Gosha, Ordubad group (Piyazbashi, Aghyurd, Shakardara, Kalaki), Soyudlu, Gizilbulag and Vezhnali in Baku on June 20, 2022.

The Azerbaijani government's guarantees and obligations provided by the Cabinet of Ministers of Azerbaijan to the contractor (hereinafter referred to as the State Guarantee) are also accepted and given permission for implementation.

Once this law comes into force, the change and the State Guarantee acquire legal force. Unless otherwise stated in the agreement, the state provision supersedes the provisions of any other existing laws, decrees, or administrative orders of the Republic of Azerbaijan (or parts thereof).

The rights and interests gained by the executor (or his successors) under the state guarantee can't be changed, corrected, or reduced without the prior consent of the executor.

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