Richard M.Mills, Jr: Armenia`s mining industry possesses real development potential

ArmInfo. Armenia's mining  industry  possesses  real development potential , Ambassador Richard  M. Mills, Jr. stated within  his opening remarks at the sustainable  mining business conference, held in Yerevan  on November 16.

According to Ambassador Mills, this potential should be implemented  within the observance  of nature protection and environment  requirements, as well as mining sectors employees safety rules. The  mining industry conforming high environmental and social standards  could become a reality for Armenia. As an example of that, the  Ambassador mentioned the Amulsar Gold mining Project. At the same  time the Ambassador expressed a hope for the further development of  those companies actually performing already.  He said also, that the  correct utilization of mining sector opportunities in Armenia will  lead to new job openings.  

"Today we're focusing on the mining sector, because as you know, it  is one of the leading sectors in the Armenian economy and a major  contributor to the GDP and the country's exports. Mining represents  real opportunities for Armenia," said Ambassador Mills. "And these  opportunities are not just ideas on paper; there are successful  mining enterprises that are already in operation and looking to  expand. We want to see them grow, and at the same time preserve the  country's natural beauty, invest in the communities where they  operate, and protect their workforce," Ambassador Mills stated.

U.S. Embassy in Yerevan, in partnership with the Ministry of Economic  Development and Investments, the Ministry of Energy and Natural  Resources, and HSBC Bank, organized a one-day sustainable mining  business conference. The goal  was to connect Armenian mine operators  with well-known U.S. companies that offer products and services that  ensure greater mine productivity, employee safety, and nature  protection.  Representatives from seven leading U.S. companies and 35  Armenian mining companies attended the event.

The conference was designed  by the U.S. Embassy in Yerevan, in  partnership with the Ministry of Economic Development and  Investments, the Ministry of Energy and Natural Resources, and HSBC  Bank, to strengthen the growing commercial ties between the United  States and Armenia by introducing leading American businesses to  Armenian mining sector operators, and by giving the American  companies the opportunity to showcase the latest technological  advances in the field. Representatives  from seven leading U.S.  companies and 35 Armenian mining companies attended the event.

To note, the industrial production volume in Armenia during   January-September 2016 grew  for 7.1% versus that for the same period  of last year (against 4,8% growth a year ago), forming AMD 1 trln  (USD 2,1 bln). The main driver for economy speeding is still the  mining sector. In January- September 2016 the mining sector showed  13,7% grow (versus 40,5 % grow a year ago) - up to AMD 188,4 bln. The  volumes of the mining sector for January-December 2015 formed AMD  221,2 bln, with an annual growth of 50,4%.  The deal of the sector in  GDP is AMD 5032,1 bln in annual view, or 4,4 % GDP.