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Magazine annual electronic subscription. By bne IntelliNews May 27, Read in IntelliNews Pro. Get IntelliNews Pro. Poor Eurasia scores add to "grim picture" painted by Corruption Perceptions Index Uzbekistan 26 out of points , Tajikistan 25 and Turkmenistan 19 bring up the rear for the Eastern Europe and Central Asian region on the Transparency Newsletters Register for editor picks email Subscribe to bne IntelliNews products. Azerbaijan's golden breakthrough came in , when its then-leader Heydar Aliyev, the current president's late father, replicated the production sharing agreements PSA it had employed in the oil and gas sector for gold mines.
The beneficiary of the first such agreement was Delaware-based RV Investments, which later set up a joint venture with the Azerbaijani government called Anglo Asian Mining. Owned by Iranian-American citizen Reza Vaziri, Anglo Asian Mining took 12 years to produce its first ounce of gold, as it worked to raise financing by listing on the London Stock Exchange, and applied for and received environmental, mining and other permits. Fast-forward a decade to , and the rapid increase in gold prices had apparently piqued others' interest in Azerbaijani gold.
No official tender had been organised for the mining projects awarded to Aimroc, and there was little public debate about it — with the exception of a parliamentary session in which some MPs asked the government to scrap the deal because it contravened national interests, but they were overruled. RFE's findings, later corroborated by the Panama Papers document leak, disentangled the company's complicated ownership structure and traced Aimroc's ownership back to offshore companies controlled by first daughters Leyla and Arzu.
The first gold mine produced some two tonnes of gold ore between December and April The company vanished without a trace: its website was taken down, telephones were disconnected, management disappeared, and its offices and mine were cordoned off. Caumartin, who left the company in after disagreeing with the owners over the direction in which the mine was going, emphasised that "they [the owners] were obviously not mining people".
The seasoned mining executive described Aimroc as a "mining subsidiary part of a large private holding" on his Linkedin profile - the first lady of Azerbaijan and her family own a large business conglomerate called Pasha Holding, which does not list any mining operations on its website. He put the Aimroc flop down to inexperience, greed and haste. Making profit in mining takes time, focus and investment, which is why most mining companies, such as Anglo Asian Mining, are listed on capital markets so that they can tap investors interested in long-term returns.
Instead of a public listing, which would require a high degree of transparency, Aimroc and its owners chose to borrow from a bank. The decision was going to be temporary, Aimroc's former CEO Arda Arkun wrote to staff in an email on June 27, , until the company recovered "access to funding". But secretly, the wheels had been put in motion to sell Aimroc. Two years of volatile gold prices later, Aimroc's search for new owners appears to have been unsuccessful. This scenario is the only plausible explanation for why the president asked the government to bail out the failed mining company.
The decree asks the country's central bank and economy and finance ministries to prepare proposals for financing Aimroc's takeover by state-owned Azerigold company by August. The amount that Baku will pay for the miner has not been disclosed. To add insult to injury, Azerbaijan has been struggling to meet its budget obligations this year, as it is grappling with the effects of an economic recession brought about by low oil and gas prices.
Baku is in no position to make dubious investments from public funds at the moment, particularly one that appears designed to reimburse the president's relatives for their mismanaged investment in a gold mine, which was financed using money that likely also came from the state's coffers and politically connected banks.
In addition to the Azerbaijani state, the losers in the Aimroc fiasco are the odd workers at the mine, who have staged two protests and marches in front of the parliament, government and presidential buildings in Baku this year to ask for their salaries. The miners, most of whom come from an impoverished village in the vicinity of the mine, claim that they have not been paid for two years.
No one in Baku seems to have answers for them about Aimroc's whereabouts and how to recover their salaries. Register to read the bne monthly magazine for free:. IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports. Get the emerging markets newswire that financial professionals trust. Already registered.
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|Id itemow w minecraft 1-3 2-4 betting system||However, you may prefer to disable cookies on this site and on others. This email will have instructions on how to complete registration process. Click here for more aimroc mining bitcoins options, including to the print version of our flagship monthly magazine: More subscription options. Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". Anglo Asian Mining is listed on the London Stock Exchange and owned by Iranian-American citizen Reza Vaziri, who was revealed to be close to the ruling elites by the Unaoil document cache.|
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