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$3 mln to be invested in stone quarry in Agdam region

Founders of "Shahbulag Mining" LLC contributed AZN 5.1 million to its equity capital in order to finance the project on development of the Shahbulag stone mine in the Agdam region. The It is worth recalling that the company was established in December 2022 with participation of private "Star Mining" Ltd. and state-owned "Azerbaijan Investment" company (AIC) https://www.aic.az/az/projects/1279/shahbulaq-mining. Note that the "Star Mining" Ltd. won the tender announced by the AIC immediately after the end of Karabakh War II. The results of the competition, as well as the establishment of joint venture "Shahbulag Mining" with authorized capital of AZN 10,000 were announced in January this year. The AIC reported that it would have no more than 30% stake. The companies' actual stake ratio was not disclosed. It was reported in January that geological studies are carried out to clarify reserves of building stone on Shahbulag field. There is no publicly available information about their results. A message on increase of Shahbulag Mining's capital (INN: 1308073801) up to AZN 5 million 172.400 (over $3 million) was placed in the State Register of Commercial Legal Entities. Added to this can be that "Star Mining" LLC http://www.starmining.az/ (TIN: 1003636361) was established in 2014. There is no public information on the owners of the company. The company participates in the development of "AzerGold"s state-owned gold mines in western Azerbaijan.

Source: Turan News Agency