DUNDEE PRECIOUS METALS CANADIAN COMPANY AND AMERICAN ‘OMSUP ‘OMMODITIES ARE THE MOST CLOSED MINING ENTERPRISES IN ARMENIA FOR JOURNALISTS

arminfo
2007-08-28 16:36:00

According to the Armenian Mass Media monitoring, carried out by
ArmInfo Agency over the 1 half year, 2007, the "Dundee Precious Metals"
Canadian Mining Company and the American ‘omsup ‘ommodities have been
recognized the most closed for Mass Media. It is about a year ArmInfo
has been publishing a specialized bulletin titled "Mining Industry
and Metallurgy of Armenia", and it decided to publish a "black list"
of the most closed enterprises for the public for the first time. The
assessment was carried out based on the publications available in press
about economic activity of big mining and metallurgical enterprises in
Armenia. The attention is stipulated for the fact that many enterprises
of the branch are the biggest exporters and tax payers. Thus, if the
whole export of goods from Armenia over the 1 half year, 2007, made
up $527 mln, about half ($248 mln) fell on the share of the branch
enterprises. In particular, the mining enterprises exported products
to the sum of $67 mln and the metallurgical ones $181 mln. Noteworthy,
the majority of enterprises of the branch cooperates with the press,
so, it has been decided to publish not only the "black list" of
enterprises, which periodically (quarterly) provide an information
about themselves, but also the "grey list" of enterprises, which
provide an information not periodically but incompletely (mainly as
PR), and only to the Mass Media which order the materials.

Thus, the Dundee Precious Metals Canadian Company, which owns the
Kapan MCC and exploits the Shaumyan polymetallic deposit, turned
out to be in the "black list". There was no information about this
enterprise in the Armenian press over the first half year, 2007. The
last information is dated of November 24, 2006, when RA Ministry of
Trade and Economic Development announced that Dundee recious Metals
presented an investment programme for 3-4 years at a cost of $120
mln. To note, the Dundee Precious Metals Canadian OJSC acquired 80%
of shares of Deno Gold Mining Armenian Company (the former Kapan MCC)
at $22 mln. The Contract on sale of shares has been signed on August
10 in Yerevan. The Comsup Commodities American Company, which owns
"Agarak Copper-Molybdenum Complex" CJSC, fell into this list for the
same reason.

Strangely enough, the biggest enterprise of the branch, "Zangezur
Copper-Molybdenum Complex" (ZCMC), entered the "grey" list. There was
no financial-economic information in the press over the first half
year, 2007, about activity of this enterprise. However, it should
be noted that the information about the volumes of ore mining and
processing was presented by a specialized Engineering Company "IVS"
JV CJSC, which is part of "RIVS" SPA and carries out upgrading of
ZCMC. To note, some reports of advertising nature were shown on TV,
in which ZCMC came out as a sponsor for fulfillment of some social
programmes. To add, ZCMC takes the third position in the published list
of the biggest tax payers of Armenia over the first half year, 2007.

Majority of the big enterprises of the branch rather actively
cooperates with journalists. Some open enterprises, which provide
regular information, turned out to be in the "white list". This list
includes the gold-mining Companies Iberian Resources, Global Gold,
"Ararat Gold-Recovery Company" (AGRC) (the latter is under sale
and almost all the information is connected with this process). The
"white list" also includes the biggest metallurgical enterprises in
the republic: the Ð~Brmenian Molybdenum Production, "Pure Oil" CJSC,
Armenian Copper Programme, Metal Prince and "Rusal-Armenia" CJSC.

–Boundary_(ID_vbPgtC9vZM+g6vnKbzpA6Q)–

From: Emil Lazarian | Ararat NewsPress