GEOPROSPECTING WORKS NOT IMPLEMENTED BY 90% IN ARMENIA

13:04 March 19, 2015

EcoLur

The geoprospecting works are not carried out in Armenia by 90%.

Estimates show, only 10% of the financial investment for 24 billion AMD
has been carried out in regard with the prospecting 55 metallic mines
out of 147. On 18 March Energy and Natural Resources Minister Yervand
Zakharyan discussed the obligations of the companies implementing
geoprospecting for mining purposes.

The State Inspection on Subsoil of Energy and Natural Resources
Ministry carried out inspections, which showed only 4 companies
have carried out proper geoprospecting and filed relevant reports,
out of which 3 with the confirmation of reserves. 21 companies have
performed the works partially, while 30 companies haven’t performed
any works or haven’t flied any reports, website says.

Those companies, who haven’t performed their contractual obligations or
have their term expired, won’t be entitled to revision, while statutory
sanctions will be imposed over defaulting companies, Minister Yervand
Zakharyan outlined. The minister noted it’s impermissible for the
companies having granted the right to prospecting not to make any
investments and works over years and not to permit the access of
other investors into the field.

>From now on stricter approach will be exercised. Statutory sanctions
will be exercised over defaulting business entities up to terminating
soil management contract.