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GLOBAL GOLD MINING HAS MINE EXPLORATION LICENCE, DIRECTOR OF COMPANY'S
ARMENIAN SUBSIDIARY CLAIMS
YEREVAN, JUNE 23, NOYAN TAPAN. Global Gold Mining (GGM), a company
engaged in mineral resource mining in Armenia, operates based on
the licences granted by the RA ministry of nature protection and
the RA ministry of trade and economic development. Ashot Poghosian,
director of the company's Armenian subsidiary, stated this during a
round table at the Club of Economic Reporters on June 23. Thus, he
actually refuted the statement of the RA Minister of Nature Protection
Vardan Aivazian that GGM has no licence. A. Poghsian said that GGM has
already invested 6.5 mln USD and intends to increase this figure to
9.6 mln USD by late 2006. According to his agruments, since 2003, GGM
has been a shareholder of the SHA company that conducts exploration of
mines in Hankavan and Marjan. SHA's licence, which was granted by the
RA ministry of nature protection in 2002, is valid until 2017. However,
according to the amendments to the legislation, old licences have
to be replaced by new ones valid for the same period. SHA applied
to the ministry of nature protection with a request to receive a new
licence for the same period, but the ministry granted a licence for
exploring about 120 mln tons of Hanakavan mine's reserves for only a
year. Although the company has submitted a 1.2 mln-dollar investment
program, after which the ministry reassured that it will grant a new
licence, no licence has been granted so far. Under the current law,
if the authorized body does not make a decision on a new licence
within a month, the old licence is not considered as having lost its
effect and the company continues operating. A.
Poghosian said that a company's operating licence may be cancelled
only under a court decision. If a company has committed a violation,
before applying to court, the ministry of nature protection must warn
the company in writing and allow it to eliminate this violation within
at least 90 days. A. Poghosian noted that GGM has not received such
a warning.
ARMENIAN SUBSIDIARY CLAIMS
YEREVAN, JUNE 23, NOYAN TAPAN. Global Gold Mining (GGM), a company
engaged in mineral resource mining in Armenia, operates based on
the licences granted by the RA ministry of nature protection and
the RA ministry of trade and economic development. Ashot Poghosian,
director of the company's Armenian subsidiary, stated this during a
round table at the Club of Economic Reporters on June 23. Thus, he
actually refuted the statement of the RA Minister of Nature Protection
Vardan Aivazian that GGM has no licence. A. Poghsian said that GGM has
already invested 6.5 mln USD and intends to increase this figure to
9.6 mln USD by late 2006. According to his agruments, since 2003, GGM
has been a shareholder of the SHA company that conducts exploration of
mines in Hankavan and Marjan. SHA's licence, which was granted by the
RA ministry of nature protection in 2002, is valid until 2017. However,
according to the amendments to the legislation, old licences have
to be replaced by new ones valid for the same period. SHA applied
to the ministry of nature protection with a request to receive a new
licence for the same period, but the ministry granted a licence for
exploring about 120 mln tons of Hanakavan mine's reserves for only a
year. Although the company has submitted a 1.2 mln-dollar investment
program, after which the ministry reassured that it will grant a new
licence, no licence has been granted so far. Under the current law,
if the authorized body does not make a decision on a new licence
within a month, the old licence is not considered as having lost its
effect and the company continues operating. A.
Poghosian said that a company's operating licence may be cancelled
only under a court decision. If a company has committed a violation,
before applying to court, the ministry of nature protection must warn
the company in writing and allow it to eliminate this violation within
at least 90 days. A. Poghosian noted that GGM has not received such
a warning.