AzerNews, Azerbaijan
Jan 6 2005

Major investors in Upper Garabagh disclosed

Base Metals and Garabagh Telecom companies are major investors in the
self-proclaimed Upper Garabagh Republic, Armenian press reported last
week.

According to the reports, 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. According to the company director Artur
Mkrtumian, processed bars of copper and gold are produced in Armenia
and then exported to Europe. Copper and gold fields in Upper Garabagh
are 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 which
currently covers 75% of the Upper Garabagh territory.

US-funded project
US Agency for International Development (USAID) signed an agreement
with the Armenian Assistance Foundation in October to implement a
humanitarian project in Upper Garabagh before September 2007.
3,000 houses and social establishments located in five districts of
Upper Garabagh, Azerbaijan’s region occupied by Armenia, will be
restored under the project.
A tender for the rehabilitation of 23 houses, 20 medical stations and
water pipelines in Asgaran region has been announced. Restoration
operations will commence in April 2005.
The project manager Andranik Sarkisian told the Armenian press that
rehabilitation work started in Khojavand region in November.
Renovation of 290 houses, 11 medical stations and water pipelines in
Aghdara region will begin shortly, Sarkisian said.