Thursday, May 4 2017 12:26
Alexandr Avanesov

Four companies invest in mining sector of Armenian production in 2017 $ 180 million

Four companies invest in mining sector of Armenian production in 2017 $ 180 million

ArmInfo. In 2017 in Armenia big investments are expected in the mining sector of production.

According to the head of the department of the Agency for Mineral Resources, Norms and Analytics of the Ministry of Energy Infrastructures and Natural Resources of the Republic of Armenia Shushanik Keropyan, four companies - GeoPromining Gold, Lydian Armenia, Teghut and Vayk Gold intend to invest $ 180 mln.  More than $ 158 million will be spent on preparations for the exploitation of the gold mine Amulsar.  Investments will be made within three quarters of this year. It is envisaged that in each quarter the volume of investments will make $ 52.8 million, which will make it possible to create hundreds of new jobs. At the beginning of the year, the number of employees employed in this program was 360 people. It is expected that in the next two years this figure will increase to 1.2-1.3 thousand people. This year, the company "GeoPromining Gold" will invest $ 10 million. Within the program it is planned to re-equip the Ararat concentrator and the gold deposit in Sotq. Almost the same amount of investments will be made for the development of the Teghut copper-molybdenum deposit. The program has already started.

Shushanik Qeropyan also informed that investments amounting $2.5 million are expected from the Company "Vayk Gold".


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