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THE EXECUTIVE OF RA MINISTRY OF TRADE AND ECONOMIC DEVELOPMENT DEEMS THAT IT IS DIFFICULT TO CONCEIVE THAT ANY "BLACK" ECONOMY EXISTS IN MINING INDUSTRY
Yerevan, 07.03.06 ARMINFO. Mr. Arthur Ashugyan - head of the Department
for Utilization of Nature Resources and Mining Industry of RA Ministry
of Trade and Economic Development claimed during news-conference
that It is difficult to conceive that any "black" economy exists in
mining industry.
As he has stated there may not be "black" economy in that sphere
of industry because no final product is being manufacture and
nearly all production is exported. In this respect he claimed
that publications on hiding of gold by Ararat Gold Recovery Company
(AGRC) are unfaithful. Head of Department noted that Armenia does not
produce gold as final product. The final product is "DORE" which is
an alloy of gold and silver which is ensued from initial processing
of gold concentrate. "It is difficult to imagine how something may be
stolen there" - stated Arthur Ashugyan. He added that that there is
such a concept as "alluvial gold", which practically does not exist
in Armenia.
A. Ashugyan stated, that average grade of gold in ore is 4.8 g per
ton, however during last three months AGRC is receiving ore with
low content of gold - 2 g/t - which is not processed and is being
stockpiled at the mine.
It should be noted that AGRC's production in 2005 was 8.818 billion
drams ($19.5 mln), which, considering changes in gold price, is less
than the same for 2004 by 34%.
The matter is that until now AGRC was processing oxide ores with
recovery of up to 85%. Due to drastic changes in mineralogy of mined
ore during last months recovery did not exceed 50%. For processing
of such ores serious improvement of processing technology is required.
In order not to lose gold the ores are not processed presently,
instead they are stockpiled at the mine.
It is noteworthy to mention that AGRC is fully owned by an Indian
company Sterlite Gold Limited.
From: Emil Lazarian | Ararat NewsPress
Yerevan, 07.03.06 ARMINFO. Mr. Arthur Ashugyan - head of the Department
for Utilization of Nature Resources and Mining Industry of RA Ministry
of Trade and Economic Development claimed during news-conference
that It is difficult to conceive that any "black" economy exists in
mining industry.
As he has stated there may not be "black" economy in that sphere
of industry because no final product is being manufacture and
nearly all production is exported. In this respect he claimed
that publications on hiding of gold by Ararat Gold Recovery Company
(AGRC) are unfaithful. Head of Department noted that Armenia does not
produce gold as final product. The final product is "DORE" which is
an alloy of gold and silver which is ensued from initial processing
of gold concentrate. "It is difficult to imagine how something may be
stolen there" - stated Arthur Ashugyan. He added that that there is
such a concept as "alluvial gold", which practically does not exist
in Armenia.
A. Ashugyan stated, that average grade of gold in ore is 4.8 g per
ton, however during last three months AGRC is receiving ore with
low content of gold - 2 g/t - which is not processed and is being
stockpiled at the mine.
It should be noted that AGRC's production in 2005 was 8.818 billion
drams ($19.5 mln), which, considering changes in gold price, is less
than the same for 2004 by 34%.
The matter is that until now AGRC was processing oxide ores with
recovery of up to 85%. Due to drastic changes in mineralogy of mined
ore during last months recovery did not exceed 50%. For processing
of such ores serious improvement of processing technology is required.
In order not to lose gold the ores are not processed presently,
instead they are stockpiled at the mine.
It is noteworthy to mention that AGRC is fully owned by an Indian
company Sterlite Gold Limited.
From: Emil Lazarian | Ararat NewsPress