ABU DHABI (ALETIHAD)

International Resources Holding (IRH), the Abu Dhabi-based natural resources investment platform, has signed an agreement with Azerbaijan’s state-owned mining company AzerGold to jointly assess the mineral potential of the Nakhchivan region.

The agreement provides a framework for identifying prospective mineral deposits and could lead to further exploration, resource development and joint investment, IRH said in a statement.

The agreement was signed during a ceremony witnessed by His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi, UAE National Security Adviser and Chairman of IHC, and Ilham Aliyev, President of Azerbaijan.

The UAE delegation also included His Highness Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero Group; Mariam bint Mohammed Almheiri, Vice Chair and Managing Director of 2PointZero Group; and Syed Basar Shueb, CEO of IHC. The agreement was signed by Ali Rashed AlRashdi, CEO of IRH, and Zakir Ibrahimov, Chairman of the Board of AzerGold.

Under the agreement, IRH and AzerGold will initially carry out a detailed assessment of Nakhchivan’s mineral potential to identify prospective deposits and future exploration opportunities.

Depending on the findings, the two companies could move to further exploration and resource-development activities, including the possible establishment of a joint venture in Azerbaijan. Any resources identified during the exploration stage would subsequently be evaluated for possible development, the statement said.

IRH said the partnership was part of its strategy to build a diversified international resources portfolio through partnerships with national and industry stakeholders. It would also combine IRH’s international resources capabilities with AzerGold’s local expertise and knowledge of Azerbaijan’s mineral sector.

“This agreement with AzerGold represents an important milestone for IRH as we continue to expand our global resources footprint and build strategic partnerships in markets with significant mineral potential,” AlRashdi said.

“By combining our international resources expertise and capabilities with AzerGold’s deep understanding of Azerbaijan and its mineral landscape, we have an opportunity to unlock value from the country’s mineral potential while supporting its broader economic development,” he added.

The agreement further expands IRH’s international presence as the company seeks to identify, develop, and manage a diversified portfolio of strategic mineral resources across key markets, the statement said.

IRH, a subsidiary of 2PointZero Group, operates as a mine-to-market platform with activities spanning exploration, processing and distribution.