RA NATURE PROTECTION MINISTRY EXPECTS EXPLANATIONS FROM GLOBAL GOLD MINING

Noyan Tapan
Jun 28 2006

YEREVAN, JUNE 28, NOYAN TAPAN. The RA Ministry of Nature Protection
expects some explanations from Global Gold Mining (GGM) company
regarding the concessional payment for Getik area. Head of the Earth’s
entrails protection department of the ministry Hamlet Avetisian told
NT correspondent that this payment has not been mentioned in the
documents submitted by GGM, so they asked the company to provide
explanations. Otherwise, it is not ruled out that the issue of
depriving GGM of its licence will be discused.

However, according to the GGM’s press service, the company has not
received any written inquiry from the ministry. Besides, according to
the same source, 13 mln 557 thousand drams (about 32 thousand USD) was
paid as concessional payment, and 375 thousand drams as environmental
protection payment.

To recap, in 2005, GGM purchased shares of Atelia Investment company,
which was conducting an exploration of Getik area, and thus became
a 80% owner of Getik Mining Company.