AzerGold Uzbekistan registered in Uzbekistan: gold exploration at the Akba deposit

Company registration and the Akba task

The company AzerGold Uzbekistan has been officially registered in Uzbekistan — the first foreign subsidiary of the Azerbaijani closed joint-stock company AzerGold, established as a limited liability company. This was reported by the company's press service. Its main focus is comprehensive geological exploration at the Akba gold deposit in the Kashkadarya region, assessment of mineral resources, and determination of the economic feasibility of industrial development of the deposit.

What will happen over the next 18 months

The company is currently obtaining permits to begin work. The license is expected to be issued based on a relevant decision of the government of Uzbekistan, after which geological exploration will begin, planned for 18 months. During this period, the company intends to review existing geological data, carry out additional prospecting, assess resources under the international JORC code, conduct metallurgical testing, evaluate environmental impact, and consider mining and processing technologies. Based on the results, a feasibility study will be prepared, and on its basis an investment proposal for further operation of the deposit will be drawn up and submitted to the relevant state bodies of Uzbekistan.

Legal basis and a second project

Daryo.uz provides the background: On June 17, 2026, AzerGold and the Ministry of Mining Industry and Geology of Uzbekistan signed an agreement on the basic terms of cooperation for the joint development of Akba, and on July 17, 2026, a trilateral document with JSC Uzbekgeologorazvedka and the Azerbaijani-Uzbek Investment Company. Under it, the parties intend to establish a joint venture for geological exploration of promising areas between Navoi and Nurata; the founding documents and permits are currently being coordinated, and a work and financing plan has been prepared for the first two years. If exploration reveals economically viable reserves, the parties will consider joint development of the deposits. In addition, joint exploration of other deposits in both countries is being discussed.

Context

Exploration has not yet begun: the key milestones — issuance of the license and establishment of the joint venture — still lie ahead, and no data on Akba's reserves or investment volumes are given in the publications. Separately, in the English-language version of the article Daryo.uz provides context on the gold market: in August 2026, the Central Bank of Uzbekistan purchased 8 tons of gold, bringing purchases over eight months to 50 tons, while the country's gold reserves reached approximately 439 tons — about 90% of international reserves.