The Azerbaijan-Uzbekistan Investment Company (AUIC), Azerbaijan’s AzerGold CJSC, and Uzbekistan’s Uzbek Geological Exploration JSC have signed a Term Sheet to establish a trilateral joint venture for geological exploration activities in Uzbekistan.
The signing took place during the 15th meeting of the Joint Intergovernmental Commission on Cooperation between Azerbaijan and Uzbekistan, held in Tashkent with the participation of Azerbaijan’s Minister of Economy, Mikayil Jabbarov, and Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov.
The parties plan to conduct geological exploration at promising mineral sites across Uzbekistan and jointly develop economically viable investment projects. The initiative will cover both prospecting and resource evaluation, as well as transaction structuring for potential subsoil users and strategic investors.
“Uzbekistan’s geological exploration sector offers significant potential. Establishing the joint venture will enable the three parties to combine their respective capabilities and build a comprehensive project cycle—from geological exploration and site evaluation to the development of investment-ready projects,” said Nazim Hajiyev, Chief Executive Officer of AUIC.
For AUIC, the project strengthens its presence in the mining sector, one of the Company’s priority areas alongside logistics, energy, and processing industries. By combining AUIC’s investment capabilities with AzerGold’s technical expertise and Uzbek Geological Exploration’s geological resources and sector knowledge, the parties will be able to support projects throughout the entire development cycle—from geological exploration to the engagement of strategic investors.
