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GLOBAL GOLD MINING DEPRIVED OF LICENCE FOR MARJAN MINE EXPLORATION
Noyan Tapan
Jun 26 2006
YEREVAN, JUNE 26, NOYAN TAPAN. 6 weeks ago the RA Ministry of Nature
Protection deprived the Global Gold Mining (GGM) company of its licence
for exploration of the Marjan gold mine (Sisian). Hamlet Avetisian,
head of the Earth's depth protection department of the ministry,
stated this during a media tour to the Marjan mine organized by the
Club of Economic Reporters on June 26.
According to him, no work was done at the mine during three years
of GGM's operation, which means nonfulfilment of its agreement
obligations.
H. Avetisian said that a British company and a Russian one are
interested in exploration of this mine. Right now the ministry is
examining the bid submitted by an Armenian company.
In the opinion of GGM director Ashot Poghosian, the ministry's
decision is illegal, it may not deprive a company of its licence
without a court ruling.
According to him, if the ministry deprives them of the licence and
transfers it to another organization, this will be "the most precise
definition of confiscation".
It was noted that according to preliminary information, the gold
reserves of the Marjan mine amount to 17.8 tons. The value of a ton
of gold on international market curently makes 20 mln USD.
Noyan Tapan
Jun 26 2006
YEREVAN, JUNE 26, NOYAN TAPAN. 6 weeks ago the RA Ministry of Nature
Protection deprived the Global Gold Mining (GGM) company of its licence
for exploration of the Marjan gold mine (Sisian). Hamlet Avetisian,
head of the Earth's depth protection department of the ministry,
stated this during a media tour to the Marjan mine organized by the
Club of Economic Reporters on June 26.
According to him, no work was done at the mine during three years
of GGM's operation, which means nonfulfilment of its agreement
obligations.
H. Avetisian said that a British company and a Russian one are
interested in exploration of this mine. Right now the ministry is
examining the bid submitted by an Armenian company.
In the opinion of GGM director Ashot Poghosian, the ministry's
decision is illegal, it may not deprive a company of its licence
without a court ruling.
According to him, if the ministry deprives them of the licence and
transfers it to another organization, this will be "the most precise
definition of confiscation".
It was noted that according to preliminary information, the gold
reserves of the Marjan mine amount to 17.8 tons. The value of a ton
of gold on international market curently makes 20 mln USD.