Thursday, April 13 2017 15:04
Alexandr Avanesov

Vitaly Nesis: Armenia is not Australia, but better than Russia

Vitaly Nesis: Armenia is not Australia, but better than Russia

ArmInfo. The company Polymetal  liked Armenia, which predetermined the decision to make a significant  investment. Vitaly Nesis, the head of the company told in an  interview with Interfax.

According to him, before this, investment was small. "We looked at  how the industry works in the country, what is the regulatory system,  the workforce, suppliers, contractors, local communities and we liked  the country. It was decided to make a more significant investment,"  said Vitaly Nesis, adding that from the point of view of state  regulation, Armenia, of course, is not Australia, but somewhat better  than Russia.

Earlier it was reported that Polymetal Int (uniting assets of  Polymetal) completed the audit of the mineral resources of the  Lichkvaz project in Armenia. According to JORC, they are 600 thousand  ounces (18.7 tonnes) of gold equivalent for underground mining  processing. The Lichkvaz deposit contains 4.3 million tonnes of ore  with an average grade of 4.2 g/t, containing 600 thousand ounces  (18.7 tones) of gold equivalent. The mineral resources are confirmed  by independent auditors of CSA Global. In 2016, Polymetal planned to  conduct a significant amount of additional drilling in Lichkvaz in  order to estimate the JORC ore reserves in the third quarter of 2017  and prepare a combined operation plan for the Kapan and Lichkvaz  projects. Polymetal intends to extract and transport ore for  processing to the Kapan enrichment plant. The deal for its  acquisition was closed on April 28, 2016.

Polymetal International plc has increased its stake in the Lichkvaz  deposit in Armenia to 100%. The purchase was made for 1,084,853 of  its own shares for $ 9.7 million (0.26% of the increased share  capital).  The deposit is located in Meghri, Syunik region in the  south of Armenia, 380 km south of Yerevan. It is a region with  developed infrastructure (electricity, water, housing) and access to  skilled labor. According to the historical estimate of the deposit  (not JORC), the estimated resources are 2.4 million tones of ore with  a content of 6.9 g/t, which corresponds to approximately 0.5 million  ounces of gold equivalent. The deposit is a series of semi-vertical  zones of crushing and steeply dipping of veins 4-5 meters in  thickness, located in andesite. The length of the system is 800  meters along the strike and in the north it is covered with glacial  tilla. The Lichkvaz deposit is a part of the Mediterranean fold belt  (Tethys) and, in the opinion of the Company, has a high geological  exploration potential. In the mid-1990s, the Lichkvaz-Thei deposit  was owned by Iberian Resources. In 2008, the board of directors of  the Australian company Tamaya Resources, which owns 82.6% of the  shares of Iberian Resources, announced the conservation of the  project to extract gold at this deposit. According to the company,  depreciation expenses in Armenia were higher, and gold reserves are  lower than expected. In this regard, the company decided to postpone  the additional exploration of the polymetallic Lichkvaz-Tei deposit  in Meghri, which was considered promising.  According to preliminary  estimates of Iberian Resources, gold reserves in this deposit are 17  tons. It is noted that the mineralization of the deposit turned out  to be more complicated than expected and test works for the  organization of a cheaper production cycle were unsuccessful. Tamaya  Resources decided to turn off investment activities in Armenia and no  longer invest additional resources, since the development of the  Meghri deposit requires big funds. The preliminary cost of the  investment program for 2009 was $ 65 million.

The Polymetal company, registered on Jersey, is producing and  exploring in four regions of Russia - the Magadan and Sverdlovsk,  Khabarovsk and in Chukotka, as well as in the Republics of Kazakhstan  and Armenia. Group "ICT" of Alexander Nesis is the ultimate  beneficiary of about 27% of the share capital of Polymetal, 13% of  the company belongs to the Czech PPF Group NV Petra Kellner. In  addition, about 1% of the authorized capital is controlled by the  management of the company and the director, 19% by private persons  and 40% by individual investors. 


News
Deputy Minister of Economy of Armenia will visit Kyiv to discuss  control of prices for basic-needs products and conclusion of futures  contractsDeputy Minister of Economy of Armenia will visit Kyiv to discuss  control of prices for basic-needs products and conclusion of futures  contracts
Armen Sarkissian attended 5th Conference of Armen Sarkissian attended 5th Conference of "Future Investment  Initiative" in Saudi Arabia
Ameriabank and HSBC Armenia to provide their customers access to each other’s ATMs without additional feesAmeriabank and HSBC Armenia to provide their customers access to each other’s ATMs without additional fees
Syrian Ambassador proposed to Armenian Economy Minister to organize  exhibition with participation of Syrian business circleSyrian Ambassador proposed to Armenian Economy Minister to organize  exhibition with participation of Syrian business circle
Gluttony must be stopped: Head of Economy Ministry on reduction of  New Year holidaysGluttony must be stopped: Head of Economy Ministry on reduction of  New Year holidays
 Moscow is optimistic about prospects for investments in Armenian  economy Moscow is optimistic about prospects for investments in Armenian  economy
Seminars with assistance from OECD and US attache to Germany will be  organized for Armenia`s SRC employees Seminars with assistance from OECD and US attache to Germany will be  organized for Armenia`s SRC employees 
In 2022, capital investment of Central Bank will amount to 7.3  billion drams, administrative expenses - 8.5 billion dramsIn 2022, capital investment of Central Bank will amount to 7.3  billion drams, administrative expenses - 8.5 billion drams
A success story - Under one roofA success story - Under one roof
CBA: Large-scale state investments will provide 7% GDP growth in  Armenia in 2022 CBA: Large-scale state investments will provide 7% GDP growth in  Armenia in 2022 
Armenia to more than double budget assistance to Artsakh in 2022Armenia to more than double budget assistance to Artsakh in 2022
Ministry of Finance: Armenia will return to permissible limits of  government debt allowed by law by 2026Ministry of Finance: Armenia will return to permissible limits of  government debt allowed by law by 2026
Armenia`s economic activity increased by 4.4% per annum for 9 months  of 2021Armenia`s economic activity increased by 4.4% per annum for 9 months  of 2021
Science funding to increase by 83% in 2022: Draft state budget of  ArmeniaScience funding to increase by 83% in 2022: Draft state budget of  Armenia
Armenia will allocate 32% more for infrastructure development in  2022: PashinyanArmenia will allocate 32% more for infrastructure development in  2022: Pashinyan
Armenia`s defense budget to grow by 11% in 2022: PremierArmenia`s defense budget to grow by 11% in 2022: Premier
Pashinyan hopes for successful implementation of number of large  investment projects in  field of metallurgyPashinyan hopes for successful implementation of number of large  investment projects in  field of metallurgy
Martin Galstyan: Armenia can become a home for numerous innovationsMartin Galstyan: Armenia can become a home for numerous innovations
Armenia and San Marino discuss opportunities for cooperation in the field of High TechnologiesArmenia and San Marino discuss opportunities for cooperation in the field of High Technologies
Volume of dollar transactions decreased by 65.3% on the foreign exchange interbank market for October 18-22Volume of dollar transactions decreased by 65.3% on the foreign exchange interbank market for October 18-22
Hakob Arshakyan: By 2025, Armenia`s engineering turnover will reach 500 billion drams, and the staff- 35 thousand peopleHakob Arshakyan: By 2025, Armenia`s engineering turnover will reach 500 billion drams, and the staff- 35 thousand people
Deputy Minister of Economy of Armenia was sent to Moscow on October  24-26Deputy Minister of Economy of Armenia was sent to Moscow on October 24-26
Armenia simplifies licensing process for foreign companies for a  number of areas of activityArmenia simplifies licensing process for foreign companies for a  number of areas of activity
Copper smelter may be launched in Armenia in two to three yearsCopper smelter may be launched in Armenia in two to three years
Iranian industrial park to be established in ArmeniaIranian industrial park to be established in Armenia
Armenia`s insurance sector increased payments to state treasury by  31.3%, in Jen-Sep of 2021Armenia`s insurance sector increased payments to state treasury by  31.3%, in Jen-Sep of 2021
EDB to provide Armenia with  $ 3mln grant to fight coronavirus  infectionEDB to provide Armenia with  $ 3mln grant to fight coronavirus  infection
Ameriabank tops list of largest taxpayers among commercial banks in  Armenia in 9 monthsAmeriabank tops list of largest taxpayers among commercial banks in  Armenia in 9 months
Gazprom Armenia returned to the leading position in the list of large  taxpayersGazprom Armenia returned to the leading position in the list of large  taxpayers
Telecommunications operators of Armenia for 9 months of 2021  increased tax payments to the state treasury by 16.3%Telecommunications operators of Armenia for 9 months of 2021  increased tax payments to the state treasury by 16.3%
PSRC Head: If the negotiations are concluded successfully, the water  tariff will be increased by only 20 drams PSRC Head: If the negotiations are concluded successfully, the water  tariff will be increased by only 20 drams 
EDB: Consumer demand recovery slows down in Armenia, further rate  hikes are possibleEDB: Consumer demand recovery slows down in Armenia, further rate  hikes are possible
Head of regulator refrains from confirming whether there will be  increase in gas and electricity tariffs in 2022Head of regulator refrains from confirming whether there will be  increase in gas and electricity tariffs in 2022
EEC intends to reach 93.6% in terms of food security by 2022EEC intends to reach 93.6% in terms of food security by 2022
Head of PSRC: Frequent power outages are not a consequence of the  post-war situationHead of PSRC: Frequent power outages are not a consequence of the  post-war situation
The USA finally determined the duties on the import of aluminum foil  from Armenia and a number of other countriesThe USA finally determined the duties on the import of aluminum foil  from Armenia and a number of other countries
 Ministry of Finance: Most of the purchases from one supplier are  carried out by the healthcare system  Ministry of Finance: Most of the purchases from one supplier are  carried out by the healthcare system 
Courts will consider complaints about violations during public  procurement auctionsCourts will consider complaints about violations during public  procurement auctions
Dmitry Volvach: Russia is investing over $ 1 billion in the Armenian  economyDmitry Volvach: Russia is investing over $ 1 billion in the Armenian  economy
Minister: Development of decentralized interregional cooperation is a  priority task of the Armenian governmentMinister: Development of decentralized interregional cooperation is a  priority task of the Armenian government
Is it realistic to maintain the current gas price? Deputy Prime  Minister of Armenia explained Is it realistic to maintain the current gas price? Deputy Prime  Minister of Armenia explained 
RA Economy Minister discussed Armenia`s investment potential with  U.S. Ambassador RA Economy Minister discussed Armenia`s investment potential with  U.S. Ambassador 
Armenia and Russia have developed common approaches to attracting  investmentArmenia and Russia have developed common approaches to attracting  investment
32nd energy charter conference ministerial meeting to be held in  Yerevan32nd energy charter conference ministerial meeting to be held in  Yerevan
Veronika Nikishina: REC Group is interested in close cooperation  with Armenia in a wide range of integration projectsVeronika Nikishina: REC Group is interested in close cooperation  with Armenia in a wide range of integration projects
For 9 months of 2021, public debt of Armenia increased by $ 1.069  billionFor 9 months of 2021, public debt of Armenia increased by $ 1.069  billion
Joint Project of HSBC Group and Orran Benevolent Organisation Supports 200 Young People in Regions to Get Jobs and Start their BusinessJoint Project of HSBC Group and Orran Benevolent Organisation Supports 200 Young People in Regions to Get Jobs and Start their Business
Armenian NPP connected to RA unified power grid since October 17Armenian NPP connected to RA unified power grid since October 17
Leadership of SRC of Armenia will be sent to MoscowLeadership of SRC of Armenia will be sent to Moscow
Russia`s trade representative: Armenian market is traditionally attractive for RussiaRussia`s trade representative: Armenian market is traditionally attractive for Russia
5th meeting of Armenian-Czech Intergovernmental Commission on  Economic Cooperation held in Yerevan5th meeting of Armenian-Czech Intergovernmental Commission on  Economic Cooperation held in Yerevan
Make payments via Idram in online stores, get free delivery or a cashback and take part in the drawMake payments via Idram in online stores, get free delivery or a cashback and take part in the draw
Interest rates on loans and deposits have grownInterest rates on loans and deposits have grown
In Moscow, Suren Papikyan discussed issues related to In Moscow, Suren Papikyan discussed issues related to "North-South  Power Corridor" and construction of a new nuclear power unit in  Armenia 
Armenian Minister of Economy received Deputy Minister of Industry and  Trade of Czech RepublicArmenian Minister of Economy received Deputy Minister of Industry and  Trade of Czech Republic
Issue of feasibility of creating institution of business ombudsman is  being discussed at RA Economy Ministry Issue of feasibility of creating institution of business ombudsman is  being discussed at RA Economy Ministry 
Armenia is ready to cooperate in developing common approach to  protect EAEU internal market in case of pressure from third partiesArmenia is ready to cooperate in developing common approach to  protect EAEU internal market in case of pressure from third parties
Armenian government approves draft decision on increasing ANIF  authorized capitalArmenian government approves draft decision on increasing ANIF  authorized capital
Pashinyan: Formation of the common energy market of the EAEU is a  prerequisite for the full realization of the potential of economic  integrationPashinyan: Formation of the common energy market of the EAEU is a  prerequisite for the full realization of the potential of economic  integration
Official supplier of furniture for shops of number of world brands  and a pharmaceutical company received tax incentive from RA  Government Official supplier of furniture for shops of number of world brands  and a pharmaceutical company received tax incentive from RA  Government 
Read more


Exchange rates
27.10.2021
RUB6.78-0.10
USD477.310.37
EUR553.35-0.66
GBP655.63-2.26
CAD384.52-1.07
JPY42.000.17
CNY74.750.10
CHF519.611.37