Charter and Structure of JSC AzerGold Approved

The Cabinet of Ministers approved the Charter and structure of JSC AzerGold on 11 May. To address this issue the Government spent 15 months, though when the JSC was created on February 11 last year, the President ordered to solve the related issues within 2 months.

AzerGold carries out studies, research, exploration, development of non-ferrous metal ores and management. According to the statute, it is a full-fledged economic entity, which carries out the whole cycle of production activities of mining, processing and production of finished non-ferrous and precious metal goods, as well as their sale. The company will also have subsidiaries.

The authorized capital of the JSC is 2 million AZN. The issued shares are 100% owned by the state. The central office of the JSC is located at the Government House.

The Supervisory Board of JSC AzerGold consists of 5 persons and is formed by the Ministry of Economy for three years. The Chairman and members of the Board, with the exception of one of the five members, are appointed by the President of Azerbaijan. One member of the Board is appointed by the Ministry of Economy.

It should be noted that the corporate structure and management of CJSC AzerGold, including the organization of internal and external independent audit, financial reporting and its disclosure, etc. meet the highest standards in this area. ------08D