TASHKENT – Azerbaijan and Uzbekistan are rapidly advancing their bilateral cooperation to jointly develop gold deposits and critical mineral resources, marking a significant step in the resource-based economic partnership between the two Central Asian and Caspian nations.
Following his attendance at the International Investment Forum in Tashkent, Azerbaijani Prime Minister Ali Asadov met with his Uzbek counterpart, Prime Minister Abdulla Aripov. The two leaders signed a formal agreement to initiate joint mining projects, signaling a stronger commitment to integrating their industrial and geological expertise.
Under the signed agreement, "AzerGold," Azerbaijan's state-owned mining company, is set to partner with Uzbekistan to develop a designated gold deposit. While the specific location of the mine, estimated reserves, and the exact timeline for the commencement of construction have not been disclosed, officials indicate that definitive plans for the joint venture will be finalized before the end of this year. According to Ural Yusupov, Uzbekistan’s Deputy Minister of Mining and Geology, the collaborative framework is progressing steadily, reflecting years of planning that began with an initial Memorandum of Understanding (MOU) signed in February 2023.
Uzbekistan has set ambitious goals for its gold mining sector, aiming to reach an annual production of 120 tons this year, with a long-term target of increasing production to 175 tons by 2030.
In addition to gold, the joint development of critical minerals will be led by "NEQSOL Holding," a multinational investment group founded by Azerbaijani entrepreneur Nasib Hasanov in the early 1990s. Although the specific types of critical minerals earmarked for development remain undisclosed, NEQSOL Holding has already established a robust presence in the country. In July of last year, the company reached a landmark agreement with Uzbekistan’s Ministry of Investment, Industry, and Trade to explore diverse projects ranging from mining and energy to digital technologies, telecommunications, and construction materials.
For Uzbekistan, these mining initiatives are part of a broader, aggressive economic strategy. The government plans to invest approximately $4.2 billion by 2030 to launch 120 critical mineral projects. This shift represents a significant departure from the country's past. Since gaining independence following the collapse of the Soviet Union in 1991, Uzbekistan maintained a largely closed economic policy under the 25-year rule of its first president, Islam Karimov.
However, since President Shavkat Mirziyoyev assumed office in 2016 following Karimov’s sudden death, the nation has undergone a profound transformation. President Mirziyoyev has dismantled many of his predecessor's restrictive policies, implementing sweeping economic reforms aimed at opening Uzbekistan to international investment and fostering global partnerships. The intensifying cooperation with Azerbaijan is viewed as a vital component of this ongoing modernization effort, positioning Uzbekistan as a key player in the global critical mineral supply chain.
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