Filizchay polymetallic ore project in Azerbaijan to cost nearly $1 bln

BAKU. July 8 (Interfax) - Azerbaijan's government estimates it will cost nearly $1 billion to develop the Filizchay polymetallic ore deposit.

"Investment in the development of the Filizchay polymetallic ore deposit is estimated at $980 million. The recoupment period is 11 years," an Azerbaijani government source told Interfax.

The source said the authorities were keen to bring foreign investors into the project.

Reports have said AzerGold plans to start mining the Filizchay deposit in 2027. The deposit contains JORC compliant reserves of 112.71 million tonnes of ore.

Filizchay, discovered in the Balakan district in 1959, is the region's biggest polymetallic ore deposit. It is thought it will supply the mining industry complex that Azerbaijan plans to create with feedstock for 50 years.