Economy, Business And Markets

Russians to Invest $40m in E. Azarbaijan Gold Mine

Russians to Invest $40m in E. Azarbaijan Gold MineRussians to Invest $40m in E. Azarbaijan Gold Mine

A Russian company is planning to invest $40 million in Andarian Gold Mine in Varzaqan County  of East Azarbaijan Province, an official at the provincial Industries, Mining and Trade Organization announced.

According to deputy head of the organization for industrial and mining affairs, Morteza Niroumand, the Russian investment will cover 90% of mining extraction and exploitation costs, Mehr News Agency reported.

He added that a Chinese company has also proposed to invest in another gold mine in the province, without elaborating.

Stretched over an area of about 120 hectares, Andarian Gold Mine is the largest gold mine in East Azarbaijan Province. The open-pit mine began operations in 2011 after $15 million were spent on feasibility studies. The mine has the capacity to create more than 600 direct and indirect jobs.

Niroumand called for publicizing the myriad investment opportunities in East Azarbaijan’s mining sector to help develop the province.

The mineral-rich province is home to a variety of minerals and more than 650 mines, fewer than half of which is currently active.