ALROSA PONDERS GOLD MINING IN ARMENIA

Tacy
Sept 3 2007
Israel

Russian diamond giant Alrosa is reportedly considering expanding into
Armenia’s gold-mining industry. To further its aims, Russian President
Vladimir Putin has met with Armenian President Robert Kocharian,
according to Russian news agency Regnum.

However, Regnum reports that neighboring Azerbaijan is not happy
about the possible venture. Government representatives in the capital
of Baku have expressed concern over Alrosa’s possible mining in
the disputed Nagorno-Karabakh region, which has been the source of
extensive fighting between Armenia and Azerbaijan.

This region holds 155 mines, including five gold mines and two copper
mines. According to Azerbaijan’s Ministry of Ecology and Natural
Resources, 30 countries have invested more than US$35 million in
projects in the Nagorno-Karabakh region.