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ARMENIA'S STATE INSPECTORATE FOR MINERAL RESOURCES TO EXAMINE CHINESE FORTUNE OIL
YEREVAN, December 12. / ARKA /. Armenia's State Inspectorate for
Mineral Resources, an affiliation of the Energy and Natural Resources
Ministry, will examine the activity of a Chinese Fortune Oil company,
which has a 30-year license for the development of Hrazdan iron mine
in central Kotayk province, the head of the agency, Samvel Lazarian
said today.
According to him, the company has failed to meet some of the license
requirements and this is why the State Inspectorate for Mineral
Resources will examine its activity in 2015. He said if violations
are found the company will be punished as stipulated by the law.
Hrazdan iron ore deposit has the third largest reserves of iron ore
it in Armenia after Svarants and Abovyan deposits. Its reserves are
estimated approximately at 77 million tons.
Fortune Oil, listed on the London Stock Exchange in mid-January 2011,
acquired a 35% stake in Bounty Resources Armenia. The deal was made
with the help of Giant Global Development Limited, a subsidiary of
Fortune Oil. The cost of the deal was $24 million.
Fortune Oil was expected to buy more stakes to control 50% of the
registered capital to raise its total investments in Armenian assets
to $40 million.
Bounty Resources Armenia operates three iron ore mines in Armenia - in
Hrazdan and Abovyan in Kotayk region and Svarants in southern region
of Syunik. The three mines are supposed to contain 1.83 billion tons
of iron ore.
Fortune Oil's total investments in Armenia were planned originally at
$0.5 billion. The company planned to take the final product to China.
Fortune Oil begun to develop the Hrazdan ore mine in 2012, however,
according to environmentalists, the development of the mine will
cause irreparable harm to the environment. In particular, the area
has Makravan springs, which provide 40% of drinking water to the city
of Hrazdan. According to some reports, the development of the mine
is halted now. -0-
http://arka.am/en/news/economy/armenia_s_state_inspectorate_for_mineral_resources _to_examine_chinese_fortune_oil/#sthash.cX0sOeW2.dpuf
YEREVAN, December 12. / ARKA /. Armenia's State Inspectorate for
Mineral Resources, an affiliation of the Energy and Natural Resources
Ministry, will examine the activity of a Chinese Fortune Oil company,
which has a 30-year license for the development of Hrazdan iron mine
in central Kotayk province, the head of the agency, Samvel Lazarian
said today.
According to him, the company has failed to meet some of the license
requirements and this is why the State Inspectorate for Mineral
Resources will examine its activity in 2015. He said if violations
are found the company will be punished as stipulated by the law.
Hrazdan iron ore deposit has the third largest reserves of iron ore
it in Armenia after Svarants and Abovyan deposits. Its reserves are
estimated approximately at 77 million tons.
Fortune Oil, listed on the London Stock Exchange in mid-January 2011,
acquired a 35% stake in Bounty Resources Armenia. The deal was made
with the help of Giant Global Development Limited, a subsidiary of
Fortune Oil. The cost of the deal was $24 million.
Fortune Oil was expected to buy more stakes to control 50% of the
registered capital to raise its total investments in Armenian assets
to $40 million.
Bounty Resources Armenia operates three iron ore mines in Armenia - in
Hrazdan and Abovyan in Kotayk region and Svarants in southern region
of Syunik. The three mines are supposed to contain 1.83 billion tons
of iron ore.
Fortune Oil's total investments in Armenia were planned originally at
$0.5 billion. The company planned to take the final product to China.
Fortune Oil begun to develop the Hrazdan ore mine in 2012, however,
according to environmentalists, the development of the mine will
cause irreparable harm to the environment. In particular, the area
has Makravan springs, which provide 40% of drinking water to the city
of Hrazdan. According to some reports, the development of the mine
is halted now. -0-
http://arka.am/en/news/economy/armenia_s_state_inspectorate_for_mineral_resources _to_examine_chinese_fortune_oil/#sthash.cX0sOeW2.dpuf