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50 TONS OF CONFIRMED GOLD RESERVES IN SOTK MINE
Noyan Tapan
June 05 2006
YEREVAN, JUNE 5, NOYAN TAPAN. The Sotk mine is a promising one: it
contains 50 confirmed tons of gold. B. Sharman, Director General of
the Ararat Gold Extraction Enterprise, stated this during a media tour
organized by the Club of Economic Reporters. To recap, since 2002,
the owner of 100% shares of the enterprise is the First Dynasty Mines
Armenia company. The enterprise was set up in 1998 for extraction of
gold-containing ore at Sotk and Meghradzor mines and processing this
ore at the Ararat gold recovery factory. B. Sharman noted that this
year the enterprise already exported 1.4 tons of gold, in 2002 - 3.2
tons. It is envisaged to increase the mining amount of ore to 1 mln
tons annually, 6 grams of gold on average is obtained from 1 ton of
ore. In 2001-2005, the total turnover of the company amounted to 116
mln USD, but it has not paid yet dividents. It was noted that the last
studies here were conducted in 1988 and, according to preliminary data,
the confimed reserves of gold total 120 tons. B. Sharman said that it
is envisaged to build a a new gold processing plant, and the company
applied for permission two months ago. Previously the government
rejected the project of constructing a plant 6 km from the shore of
Lake Sevan. The enterprise director Vardan Vardanian said that now
it is proposed constructing a plant 35 km from Lake Sevan, which,
as he assured, poses no threat to the lake. About 85 mln USD will
be invested in construction of the new plant. To recap, 145 thousand
tons of gold has been exported in the world from 1858 until now. The
US is in first place in terms of gold reserve resources, followed by
Germany and the International Monetary Fund (IMF).
India is the largest consumer of gold. The biggest gold mine is in
Indonesia. The reserves of mines currently operating in the world
will have been exhausted in 12 years.
Noyan Tapan
June 05 2006
YEREVAN, JUNE 5, NOYAN TAPAN. The Sotk mine is a promising one: it
contains 50 confirmed tons of gold. B. Sharman, Director General of
the Ararat Gold Extraction Enterprise, stated this during a media tour
organized by the Club of Economic Reporters. To recap, since 2002,
the owner of 100% shares of the enterprise is the First Dynasty Mines
Armenia company. The enterprise was set up in 1998 for extraction of
gold-containing ore at Sotk and Meghradzor mines and processing this
ore at the Ararat gold recovery factory. B. Sharman noted that this
year the enterprise already exported 1.4 tons of gold, in 2002 - 3.2
tons. It is envisaged to increase the mining amount of ore to 1 mln
tons annually, 6 grams of gold on average is obtained from 1 ton of
ore. In 2001-2005, the total turnover of the company amounted to 116
mln USD, but it has not paid yet dividents. It was noted that the last
studies here were conducted in 1988 and, according to preliminary data,
the confimed reserves of gold total 120 tons. B. Sharman said that it
is envisaged to build a a new gold processing plant, and the company
applied for permission two months ago. Previously the government
rejected the project of constructing a plant 6 km from the shore of
Lake Sevan. The enterprise director Vardan Vardanian said that now
it is proposed constructing a plant 35 km from Lake Sevan, which,
as he assured, poses no threat to the lake. About 85 mln USD will
be invested in construction of the new plant. To recap, 145 thousand
tons of gold has been exported in the world from 1858 until now. The
US is in first place in terms of gold reserve resources, followed by
Germany and the International Monetary Fund (IMF).
India is the largest consumer of gold. The biggest gold mine is in
Indonesia. The reserves of mines currently operating in the world
will have been exhausted in 12 years.