PSRC WARNING TO SUSPEND LICENSE OF GEOPROMINING COMPANY FOR EXPLOITATION OF RADIO FREQUENCIES

ArmInfo
2009-07-29 12:46:00

ArmInfo. Public Services Regulatory Commission (PSRC) of Armenia is
warning to suspend the license of GeoProMining Company for exploitation
of radio frequencies. PSRC Chairman Robert Nazaryan declared at the
Wednesday session of the Commission that the company’s license for use
of radio frequencies in the network of mobile radio communication will
be suspended if it fails to repay 11.4 million drams (nearly $31,000)
liabilities to the state budget within 15 days. GeoProMining Gold
(the legal successor of Ararat Gold Recovery Company) , applied to
the PSRC for re-registration of the license for radio frequencies
after it was renamed. The company proposed paying off the debt on
deferred terms till December 31 2009, but R. Nazaryan rejected.

"The debt should be repaid within more reasonable period of time,"
he said.

GeoProMining Gold Administrative Director Yeprem Terteryan said at
the session that the arrears were accumulated in 2006-2008 when the
enterprise was idling and now when the production was reactivated the
company has got a possibility to pay off the debt to the state budget
gradually. He said that the company has already paid 4 million drams of
the previous debts except the monthly payment for radio communication
and is ready to pay off the whole debt.

GeoProMining Group is an international private company founded in
2001. It has a diversified resource base of metals and recovers metals
in Russia, Armenia and Georgia.

From: Emil Lazarian | Ararat NewsPress