Assa Irada, Azerbaijan
Nov. 2, 2004

Base Metals, Garabagh Telecom major investors in Upper Garabagh

Base Metals and Garabagh Telecom companies are major investors in the
self-proclaimed Upper Garabagh Republic, the Armenian press reported
last week.
According to the report, Base Metals with 700 employees has been
developing copper and gold deposits in the region for many years. The
company, which exported the first consignment of copper and gold to
European markets in October, has invested $7 million in Upper Garabagh
over a year and a half and plans to invest a total of $20 million in
the region.
Base Metals has raised the salaries of its workers to $210-220.
According to the company director Artur Mkrtumian, the processed bars
of copper and gold are produced in Armenia and then exported to Europe.
Copper and gold deposits in Upper Garabagh are expected to be developed
within 20 years, he said.
Another major investor Garabagh Telecom has been providing
telecommunications, cellular and Internet services in the region since
February 2002. The company has invested $15 million and succeeded in
establishing a mobile communications system that currently covers 75%
of the Upper Garabagh territory.*