Geological exploration work in the Nakhchivan Autonomous Republic will likely begin next year.

Axar.az reports that President Ilham Aliyev stated this during a meeting dedicated to the State Program on the development of the mining and metallurgical industry.

"There, too, geological exploration work was not conducted at the requisite level in the past—I refer to the Soviet period—or in recent times. Therefore, the probability of the existence of large deposits there is very high. I should also note that we are structuring our work along two lines. First, through state channels: the “AzerGold” company will address these matters. Second, with the participation of the private sector. This field is also open to the private sector, and existing contracts are being implemented. If the geological exploration work carried out by those foreign partners yields results, foreign investors will naturally also participate. We welcome this. Because, as I noted, this is a highly capital-intensive sector, and if significant new gold, copper, and molybdenum deposits are discovered here, then the entire cycle—the beneficiation and processing chain—must be established. If substantial discoveries are made, it would be a mistake to simply export these resources to world markets in the form of raw ore," the head of state noted.

Aliyev added that the next direction is the “Filizchay” polymetallic deposit located in the Balakan district, considered one of the most promising deposits on the European continent:

"As I mentioned, this deposit holds great potential, and for several years now, “AzerGold” has been carrying out work to prepare it for operation. I believe that the feasibility study should be ready soon, and the final investment decision must also be adopted. I consider that “AzerGold” should be the 100 percent shareholder of this deposit. As operations proceed, the price and value of this deposit will naturally rise. Then we can review it. It is possible that, at a certain percentage level—if there is interest, which I am certain there will be—foreign investors could also be attracted to this deposit".