Cengiz Holding and Kalyon Group to operate mines in Azerbaijan


Cengiz Holding and Kalyon Group will operate two mines in Azerbaijan with their joint company Artvin Madencilik AS.

The interest of Turkish companies in Azerbaijan and Nagorno-Karabakh has recently headed for mining. Cengiz Holding executives including Seref Cengiz, Chairman of the holding’s mining subsidiary Eti Bakir, visited Baku on March 17. They were accompanied by Zakir Ibrahimov, the Chairman of the Board of Directors of Azerbaijani mining company Azergold. The visit was resulted with a Presidential decree signed by Azerbaijani President Ilham Aliyev to give the operation of Gashgacai, Elbeidash and Agduzdag mine fields to Cengiz Holding. These fields hold rich ore resources notably gold. The operation agreement will be approved in three months.

Eti Maden will operate the Gashgacai field located in Kaljabar, which was taken back from Armenia. Elbeidash and Agduzdag fields, meanwhile, will be operated by Cengiz Holding and Kalyon Group’s joint company Artvin Madencilik AS. Operating rights of these fields have been determined as 30 years.

Turkey gave a considerable support to Baku in Nagorno Karabakh’s return to Azerbaijan nearly after three decades following the 44-day conflict. Turkish companies have started to undertake various projects for development of the region. Kalyon Group’s subsidiary Kalyon Insaat has undertaken the construction of the road linking Fuzuli and Shusha provinces. Demiroren Group has taken over Azerbaijan’s state lottery institution Azerlotereya.

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