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BAKU: Discrepancy Between "First Dynasty Mines" Company Of Canada An

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  • BAKU: Discrepancy Between "First Dynasty Mines" Company Of Canada An

    DISCREPANCY BETWEEN "FIRST DYNASTY MINES" COMPANY OF CANADA AND ARMENIAN GOVERNMENT

    Azeri Press Agency, Azerbaijan
    Oct 31 2006

    There is a discrepancy between Armenian Government and "First Dynasty
    Mines" (FDM) Company of Canada extracting gold in "Soyudlu" gold
    deposit in Kalbajar, the occupied Azerbaijan region.

    Though in order to reduce transportation expenses FDM presented the
    Armenian Government the project of gold extraction plant with little
    oil percentage near "Soyudlu" deposit official Yerevan did not allow
    the construction alleging to ecological norms. Besides the Armenians
    working in the company were incited to hold protest actions against the
    leadership. Because of the protest actions 500 Armenians working for
    FDM were dismissed, Arif Isgenderov the chief of Ecology and Natural
    Resources Ministry Ecology and Nature Protection Policy Department
    told the APA. He said that Armenian press close to official authorities
    and Russian press try to create a negative opinion about FDM.

    "Probably this kind of actions serves to reconsider the agreement
    between FDM and Armenian Government or to stop FDM activity.

    Analogous processes happened between Armenian Government and Greek
    company Armentel."

    FDM invested US $22.1 mn in gold extraction in Nagorno Garabagh. The
    company plans to invest US $12mn in Armenia's gold extraction by the
    end of next year. At the moment Armenian Government holds negotiations
    with the World Bank International Finance Corporation and other foreign
    banks with a view to make investments in the field o f gold extraction
    in the occupied Azerbaijan territories. FDM has invested US $4 mn
    in the geological explorations in Armenia and occupied Azerbaijan
    territories. It is expected that the company plans to extract over
    5 tons of gold and with the agreement of the Armenian Government to
    make geological explorations in the 20 km round the deposit.

    From: Emil Lazarian | Ararat NewsPress
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