GLOBAL GOLD MINING TO INVEST $9.6 MLN IN ARMENIA BY THE END OF YEAR
Panorama.am
14:50 23/06/06
By the end of 2006, Global Gold Mining will make a total investment of
$9.6 mln in Armenia in conducting geological-investigation services,
Ashot Poghosyan, director of the Armenian branch told a press
conference today.
In his words, the company has invested up to $6.5 mln. The company
has got the license for investigation works in Tukhmanuk, Tenik,
Hankavan and Mardjan in 2004. A. Poghosyan informed that investigation
services in Tukhmanuk started in September last year and are almost
done. This year the company plans to start extraction of ore and has
got the necessary equipment for that from USA a week ago.
The Armenian company works on losses this far, Ashot Poghosyan says,
adding that investigation requires a lot of expenditure. Moreover, to
reach American standards, the company has to increase its expenditures
by 1.5 times.
The company was not been warned by the Minister of Nature Protection
that it must submit a permission for conduction investigation services
in three-month time. According to Ashot Poghosyan he learned about
it from local mass media.
Several days ago the minister of nature protection Vardan
Aivazyan stated that company Global Gold is not included in the
list of organizations conducting geological investigations in
Armenia. /Panorama.am/