"Global Gold" Corporation Opens New Workplaces
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July 11, 2006
In spite of the announce economic growth in the country, the situation
of the majority of the population of Armenia remains distressing. Since
the majority of the enterprises of Armenia were shut down 15 years ago
because of alteration of the economic situation, energy crisis and
transport blockade, very many people lost their jobs.
The problem of unemployment remains to be very serious in Armenia. In
accordance with the latest data of the employment service, the number of
the unemployed is about 90 thousand people, or about 7,7%. Actually, in
the opinion of many experts, the figure is much higher. Besides, about
40 percent of the population of Armenia lives behind the border of
poverty. The people living in small towns and villages, especially in
remote districts, are most miserable.
In the Soviet times, small industrial productions were in the Armenian
regions with severe climate and unfertile land. These enterprises made
great contribution to the solution of social problems of many poor
villages, but they had the same fate as the industry in general. The
people who lost their jobs could connect their hopes only with the
unfertile land.
The same was the situation with the highland village Melik in Aragatsotn
region. Severe winter reigns here for 7 months a year, the air
temperature is often below 20-23 oC, the layer of the snow reaches 2
meters. Under such conditions the population can just grow a little
potato and barley. The village is poor, as the profit yielded by
cattle-breeding is not big, and the harvest is often small because of
the weather conditions. The road leading to the village located eight km
away from Aparan, is practically impassable in winter. According to the
words of the village headman Ashot Khlghatyan, the road condition is the
biggest problem in villages. The community cannot repair them by its own
means. The unemployed young people are also a problem. "At present,
unemployment is the main problem for everyone here. Everyone wants to
work", – says Ashot Khlghatyan.
Ten years ago the diamond processing factory, where 200 people were
employed, was shut down in the village. And now the people are
impatiently waiting for the beginning of exploitation of the gold mine
"Tukhmanuk" located a few kilometers away from their village.
The owner of the mine – the international corporation "Global Gold" –
is actively preparing the mine for exploitation, which will make it
possible to open 200 workplaces.
In the years 1995-1996 they started minute study of the mine. The gold
resources in the two veins of the mine, confirmed by the state
committee, amount to eight tons. In the opinion on the chief geologist
of "Global Gold" Mr. Henrikh Lazarian, the potential of "Tukhmanuk" is
high and amounts to the minimum of 20-25 tons.
In August, 2005 the international corporation "Global Gold" purchased 51
percent of "Mero Gold" LLC, which owned the gold mine "Tukhmanuk". The
remaining 49% of the shares belong to private Armenian investors, but
the corporation is planning to redeem them in August, 2007.
The company "Global Gold" registered in the USA is engaged in extraction
and research of the gold industry in Chile and Armenia. Its market price
is USD 80 million. "Global Gold" has recently increased its capital by
additional USD 13 million.
The corporation started its activity at the gold mine "Tukhmanuk" last
September. The works cover establishment of engineering infrastructures,
construction of the working village "Banavan", repair of the gold
concentrating mill located in the vicinity of the mine, purchase of
equipment, development of the field of geological-research works.
Exploration boring is already being implemented " the boreholes will be
the basis for determination of the content of gold in the ore and
estimation of the reserves.
It is planned to extract openly and to process at the concentrating mill
75 thousand tons of ore.
In accordance with the words of the director of the Armenian branch of
"Global Gold" Mr. Ashot Poghosyan, last year they spent about half a
million dollars on preparation works, and this year it is envisaged to
spend 3,3 million dollars and 3,8 million dollars for the study of the
mine and its exploitation, accordingly. By the end of the year the
investments made by "Global Gold" in the exploitation of the mine will
amount to about 9,6 million dollars.
This year it is planned to extract openly and to process at the
concentrating mill 75 thousand tons of ore. "Global Gold" intends to
process within a period of two years 150 thousand tons of ore, gradually
increasing the extraction and processing to 350-400 thousand tons of ore
annually. One ton of ore here contains about 6-6,5 grams of glod, which
is considered to be a good index.
At the initial stage, the mine will be exploited openly and about 100
people will be engaged here. The extracted ore will be transported to
the concentrating mill equipped with modern equipment. The average
salary at the mine will be AMD 75-100 thousand.
In accordance with Mr. Ashot Poghosyan’s words, they haven’t decided yet
where the concentrate will be sold " in Armenia or abroad.
The necessary equipment will arrive from the USA soon and will be used
for open exploitation. Simultaneously, underground works are being
prepared and it is planned to start them in two-three years. The project
of mine exploitation submitted by "Global Gold" is currently being
considered at the Government of Armenia. Upon approval of the project,
they will start the work at the mine, and life will return to village
Melik.
Note: the gold mine "Tukhmanuk" is located in Aragatsotn region, in the
mark of 2000-2200 meters, it is of the vein type and contains 10-12
veins only two of which have been studied minutely. The mine was studied
back in the Soviet times, in 1950s, but it wasn’t of top-priority
significance for the USSR. According to the conducted research works,
the majority of gold deposits of the South Caucasus countries is
concentrated in Armenia.
Susanna Petrosyan