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MINISTER: WITHIN NEXT FEW YEARS INVESTMENTS IN ORE MINING INDUSTRY OF ARMENIA MAY AMOUNT TO $3-4 BILLION
arminfo
Wednesday, June 22, 20:47
Within the next few years investments in ore mining industry of
Armenia may amount to $3-4 billion, which will be conditioned by
adoption of a new Code on Mineral Resources, Armenian Minister of
Energy and Natural Resources Armen Movsisyan said in parliament when
presenting the draft Code on Mineral Resources on Wednesday.
"According to our estimations, within the next few years the
investments will total 3-4 billion USD. I talked to the potential
investors, who are waiting for the adoption of this Code", the
minister said. Movsisyan added that investments are expected for the
metallic and non-metallic deposits, which have already passed a certain
stage of exploration or have not been explored at all. The minister
clarified that the current legislation has a lot of contradictions,
and it does not stimulate investments in this sphere, and the Code
on Mineral Resources is meant to regulate all the problems and
contradictions. "This field attracts no large investments, because
the mechanisms in the current laws contain big risks", he said and
added that if a legal entity carries out geological exploration of a
deposit, the current legislation gives no guarantees that this legal
entity will exploit the given deposit.
Movsisyan pointed out that the Code on Mineral Resources is aimed
at regulating the tax field and simplify it. From now on the taxes
will be linked to the sales of mineral products at world prices at
stock exchanges, he said. The Code maximally protects the interests
of the state and brings the environmental requirements in compliance
with international standards. It regulates the issues of mining of
all mineral products in Armenia, except oil, gas and radioactive raw
materials, for which a certain bill will be submitted for consideration
of parliament in autumn. For permission for mining of mineral products,
the mineral developer is to submit the project of deposit closure to
the regulatory body. The regulatory body will carry out monitoring
after the closure of the deposit at the mineral developer's expense.
arminfo
Wednesday, June 22, 20:47
Within the next few years investments in ore mining industry of
Armenia may amount to $3-4 billion, which will be conditioned by
adoption of a new Code on Mineral Resources, Armenian Minister of
Energy and Natural Resources Armen Movsisyan said in parliament when
presenting the draft Code on Mineral Resources on Wednesday.
"According to our estimations, within the next few years the
investments will total 3-4 billion USD. I talked to the potential
investors, who are waiting for the adoption of this Code", the
minister said. Movsisyan added that investments are expected for the
metallic and non-metallic deposits, which have already passed a certain
stage of exploration or have not been explored at all. The minister
clarified that the current legislation has a lot of contradictions,
and it does not stimulate investments in this sphere, and the Code
on Mineral Resources is meant to regulate all the problems and
contradictions. "This field attracts no large investments, because
the mechanisms in the current laws contain big risks", he said and
added that if a legal entity carries out geological exploration of a
deposit, the current legislation gives no guarantees that this legal
entity will exploit the given deposit.
Movsisyan pointed out that the Code on Mineral Resources is aimed
at regulating the tax field and simplify it. From now on the taxes
will be linked to the sales of mineral products at world prices at
stock exchanges, he said. The Code maximally protects the interests
of the state and brings the environmental requirements in compliance
with international standards. It regulates the issues of mining of
all mineral products in Armenia, except oil, gas and radioactive raw
materials, for which a certain bill will be submitted for consideration
of parliament in autumn. For permission for mining of mineral products,
the mineral developer is to submit the project of deposit closure to
the regulatory body. The regulatory body will carry out monitoring
after the closure of the deposit at the mineral developer's expense.