27 May, 2017

4 companies of Armenia’s mining industry to make 180 mln USD investments

This year significant investments are expected in Armenia’s mining industry field, the Ministry of Energy Infrastructures and Natural Resources told Armenpres.

Shushanik Kerobyan – Head of Geology, Normative-Methodological and Analysis Department at Ministry’s Mineral Agency, said 4 companies operating in the field – ‘Geopromining Gold;’Lydian Armenia;, ‘Teghut’ and ‘Vayk Gold’ are going to make a total of 180 million USD investment programs. More than 158 million USD will be provided for the preparation of operation of Amulsar gold-bearing quartzite deposit.

The investments will be carried out during the last three quarters of the year on an equal basis.It is expected to carry out works of 52.8 million USD in each quarter which will result in creation of hundreds of new jobs. In the beginning of the year the number of workers involved in this project was more than 360. It is expected that in the first two years of the implementation of investment program the number of workers will reach 1.2-1.3 thousands.

This year ‘Geopromining Gold’ company will carry out 10 million USD investment program.Within the frames of the program , it is planned to equip Sotk gold plant and the deposit.The same amount of money will be spent on the preparation works for the operation of Teghut copper and molybdenum.The programs are already launched.

Shushanik Kerobyan said 2 million USD investments are expected to be made by ‘Vayk Gold’ company.

Source: armenpress