Afghanistan has signed a five-year gold mining contract with Afghan and Azerbaijani companies in a deal worth more than $20m, the Ministry of Mines and Petroleum has said.
The contract covers a gold mine in Qala Zal district in the northern province of Kunduz, spanning an area of 5.97 square kilometres.
The agreement was signed on Sunday by Hedayatullah Badri, Minister of Mines and Petroleum, with Subhan Momand Company and Azerbaijan’s Reef Group LLC.
According to the ministry, the total investment in the project will amount to $20,240,000. The companies will also pay a 30% royalty to Afghanistan’s de facto authorities.
The ministry said the company had also committed to investing in local services.
“The aforementioned company is committed to paying a 30% royalty and investing (200,000) USD in various social service sectors.”
It added that the project was expected to create jobs in the area.
“Furthermore, the company is supposed to provide employment opportunities for (100) people directly and indirectly.”
The signing ceremony was held in the presence of the ambassadors of Azerbaijan and Kyrgyzstan.
The ministry said the two ambassadors welcomed the deal and expressed interest in further investment in Afghanistan.
“The Ambassadors of the two countries expressed their appreciation for the cooperation of the Ministry of Mines and Petroleum with the mentioned company and stated that their companies are interested in making further investments in Afghanistan’s mining sector.”
Badri said the agreement would help build economic relations between Afghanistan, Azerbaijan and Kyrgyzstan.
“While welcoming the guests, the Minister of Mines and Petroleum said that the signing of this contract is considered a positive step toward strengthening economic relations among the three countries.”
He also said the ministry would support further domestic and foreign investment.
“He further added that the Ministry of Mines and Petroleum welcomes all national and international investors interested in investing in Afghanistan’s mining sector, and we will continue to facilitate greater opportunities for them.”
Afghanistan has been seeking greater investment in its mining sector, which officials say is one of the country’s key sources of economic growth.
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