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ARMENIA'S MULTI GROUP SELLS GOLD RIGHTS TO S. AFRICAN CO
Interfax News Agency
Russia & CIS Business and Financial Newswire
September 5, 2006 Tuesday 5:33 PM MSK
Armenia's Multi Group has sold the rights to the Mghart gold field
in Armenia's Lori district to South Africa's Magaro, a source at the
Armenian Trade and Economic Development Ministry told Interfax.
The ministry did not say how much the deal was worth.
It said that Multi Group had been developing the site for three years
and had built a small recovery plant next to the open pit.
The State Reserves Committee has said that the ore is graded at
an average of 10 grams per tonne for gold. The field contains an
estimated 250,000 tonnes of ore.
Multi Group is not developing any other metal deposits.
The group includes 35 industrial, trade and service enterprises,
including Ararat Cement, Ararat Winery and Multi Stone. It is one of
Armenia's biggest corporations and is owned by the businessman and
parliament member Gagik Tsarukian.
Interfax News Agency
Russia & CIS Business and Financial Newswire
September 5, 2006 Tuesday 5:33 PM MSK
Armenia's Multi Group has sold the rights to the Mghart gold field
in Armenia's Lori district to South Africa's Magaro, a source at the
Armenian Trade and Economic Development Ministry told Interfax.
The ministry did not say how much the deal was worth.
It said that Multi Group had been developing the site for three years
and had built a small recovery plant next to the open pit.
The State Reserves Committee has said that the ore is graded at
an average of 10 grams per tonne for gold. The field contains an
estimated 250,000 tonnes of ore.
Multi Group is not developing any other metal deposits.
The group includes 35 industrial, trade and service enterprises,
including Ararat Cement, Ararat Winery and Multi Stone. It is one of
Armenia's biggest corporations and is owned by the businessman and
parliament member Gagik Tsarukian.