Over $20M Gold Mine Extraction Contract Signed In Kunduz

(MENAFN- Pajhwok Afghan News) KABUL (Pajhwok): The Ministry of Mines and Petroleum (MoMP) says a contract worth more than 20 million US dollars has been inked for the extraction of a gold mine in the Qala-i-Zal district of northern Kunduz province.

The five-year contract was signed by Minister of Mines and Petroleum Mullah Hidayatullah Badri in the presence of the ambassadors of Azerbaijan and Kyrgyzstan with Subhan Momand Company and Azerbaijan's Reef Group (LLC), the ministry said in a statement.

It said the mine covers an area of 5.97 square kilometres and the companies would invest $20.24 million in the project.

The statement added that besides paying 30 percent royalty, the companies would spend $200,000 on various social services and provide direct and indirect employment opportunities to 100 people.

The ambassadors of the two countries thanked the ministry for cooperating with the companies and said their firms were interested in making further investments in Afghanistan's mining sector.

For his part, Badri welcomed their interest and said signing the agreement was a positive step towards strengthening economic relations among the three countries.

He said the ministry welcomed all domestic and foreign investors interested in investing in Afghanistan's mining sector and would provide further facilities for them.

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