Investment programs equal to USD 180 million to be carried out in mining industry
This year large investments are expected in Armenia’s mining industry field. According to Shushanik Kerobyan, Head of Geology, Normative-Methodological and Analysis Department at Ministry’s Mineral Agency, 4 companies operating in the field, “Geopromining Gold”, “Lydian Armenia”, “Teghut” and “Vayk Gold” are going to carry out in total USD 180 million investment programs. More than USD 158 million 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 activities equal to USD 52.8 million in each quarter which will result in creation of hundreds of new jobs. At the beginning of the year the number of workers involved in this project was more than 360. It is expected that in the upcoming two years of the implementation of investment program it will reach 1.2-1.3 thousands. This year “Geopromining Gold” company will carry out USD 10 million investment program. Within the frames of the program, it is planned to equip Sotk gold plant and the mine. The financing for the preparation activities for the operation of Teghut copper and molybdenum mine will be almost the same. The programs have already kicked off. According to Shushanik Kerobyan, USD 2 million investments are expected to be made by “Vayk Gold” company.
