OREANDA-NEWS. February 27, 2010. The Azerbaijan International Mining Company (AIMC) joined  implementation of the Extractive Industries Transparency Initiative (EITI) in Azerbaijan.

The State Oil Fund of Azerbaijan Republic (SOFAZ) became 28th extractive sector company that joined Memorandum of Understanding on implementation of EITI in Azerbaijan by signing the Instrument of Accession to Memorandum of Understanding on February 25, 2010. in 2009, AIMC will submit the  annual report on payments to the Azerbaijani government.

AIMC is a gold and silver mining company, operating in Azerbaijan.

“Joining of this company to the EITI is a new phase of EITI implementation in Azerbaijan. For the first time, a company from other extractive sector, apart from oil and gas companies, joined to this process,” it was informed.

On November 24, 2004, the memorandum was signed initially by 21 foreign and local extractive industry companies. Then Inpex, Binagadi Oil, RAFI Oil, NICO, Apsheron Investment Ltd and GDF SUEZ Exploration Caspian B.V. joined the memorandum.

All extractive companies, operating in the country (28 companies), are the participants of EITI implementation process in Azerbaijan at present.