PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of October 23, 2003 No. 973

About approval of Rules of confirmation and write-off of inventories of minerals

For the purpose of ensuring execution of the Law of the Azerbaijan Republic "About subsoil" I decide:

1. Approve "Rules of confirmation and write-off of inventories of minerals" (are applied).

2. This Decree becomes effective from the date of signing.

Approved by the Presidential decree of the Azerbaijan Republic of October 23, 2003 No. 973

Rules of the prevention and write-off of inventories of minerals

1.1. These rules are prepared according to the Law of the Azerbaijan Republic "About subsoil" and the Presidential decree of the Azerbaijan Republic of April 27, 1998 No. 701 "About application of the Law of the Azerbaijan Republic on subsoil" and establish rules of confirmation of inventories of minerals and write-off from the account of the subject of the got inventories of minerals, and also inventories which lost industrial value in the course of production, are not confirmed during the subsequent works on geological studying or operation of fields conducting operational works with entering of corresponding change into the state stock balance of minerals.

1.2. Inventories of the reconnoitered mineral deposits are confirmed by the Commission on inventories of minerals of the Ministry of Ecology and Natural Resources of the Azerbaijan Republic after conducting state examination in the State agency on use of mineral raw material resources (further - the Agency).

1.3. Confirmation of explored reserves of minerals forms the basis for their registration in the state stock balance of minerals, conducting their accounting, and also attraction to operation.

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