Another dispute in Armenia regarding the prospective of refine plant construction

ArmInfo. A construction of refining plant is planned in Armenia.  The appropriate investment project is presented at the electronic platform www.investmentprojects.am.

"The  total  cost of the Project is estimated at USD 10-12 mln, and the indemnity term will comprise several years," Vahagn Lalayan,  the head of Investment Policy Department of Armenian Ministry of Economy and Investments.

According to the representative of the Ministry of Economy, in the nearest future an increase of gold export is expected in Armenia due to launching of new production facilities, particularly Lydian Armenia, dealing with Amulsar  golden mine operations, will receive the first ingot  of gold already in March 2018, the export volumes by the end of the year could be increased up to 10-12 tons. Within such volumes there is a straight reason to thing about refining plant construction," Lalayan said.

Beside that, he reminded that Armenian  jewelers import essential volumes of gold - 2-4 tons per year in average. In this context the new plant first will allow to secure the internal demand without involving external resources. And next, the refining plant, within the availability of international cerification, will allow to implement the production cycle of golden ingots and to sell those at London  Stock (One of the largest trade platforms in the world). At the same time, as the official stated, within the availability of the certificate mentioned the refining complex will allow the production of bank gold.

To remind, from the end of 2016 Central Bank of Armenia started building up its own gold reserve, CBA Chairman Arthur Javadyan told at the National Assembly on November 16. According to him, CBA will create gold reserve jointly with the Swiss Company Technosert.  As Javadyan noted, the company has already completed the project work on the construction of the precious metals refinery.

To recall, CBA and Swiss company Technosert signed an agreement on construction of a precious metals refinery in Armenia.  The main goal will be the production and sale of gold and silver bullions in Armenian and international market. The local raw material of Dore gold will be used. Swiss businessman of Armenian descent Vartan Sirmakes is the Chairman of Technosert Board of Directors and is one of the 300 richest people in Switzerland.  Armenia's Minister of Economy Karen Chshmaritian was saying in the middle of September that the government was holding negotiations on the construction of a refinery. According to him 12-14 tons of gold will be mined in Armenia in 2016-2017 and this is enough for constructing country's own refinery. To note, the share of bank gold in the Armenia's gross international reserves was zeroed in December 2013.