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CANADIAN COMPANY PRODUCES 13T GOLD FROM SOYUDLU FIELD IN OCCUPIED KELBEJER REGION
Today, Azerbaijan
Feb 22 2007
Canadian company First Dynasty Mines (FDM) has produced near 13t gold
in Azerbaijani Kelbejer region occupied by Armenians in last 4 years.
FDM Company plans to invest $12mln to gold extraction field of Armenia.
Besides, Armenian government carries negotiations with World
Bank International Finance Cooperation and other foreign banks
to involve new investments to the gold extraction in occupied
Azerbaijani territories. Canadian company has invested $22.1mln to
the gold extraction in occupied lands up to last year. In general FDM
allocated $4mln for geological exploration in Armenia and occupied
Azeri territories.
Soyudlu field is in the territory of Kelbejer region of which 73%
has been occupied by Armenia.
The exploitation of the field had been stopped in 1992. It was
restored by the US experts in 1996. They found out 40t gold in the
field. Armenian Industry and Tourism Minstry signed an agreement worth
63.3mln with FDM in September 1997. Markus Randolph, "Sterlite Gold
LTD," owns the assets of FDM. FDM acquired a 50% stake in Armenian
state organization "Ararat Gold Recovery Company" in 1998 and began
gold extraction. The company acquired the rest 50% stake in 2002
and became a wholly owner of Armenian company. 1200 FDM officers are
working in the occupied lands and in Armenia. Their average monthly
salary is $150-190. Most of entrepreneurs are Indians, Ecology and
Tourism Ministry told APA.
URL: http://www.today.az/news/business/36889.html
From: Emil Lazarian | Ararat NewsPress
Today, Azerbaijan
Feb 22 2007
Canadian company First Dynasty Mines (FDM) has produced near 13t gold
in Azerbaijani Kelbejer region occupied by Armenians in last 4 years.
FDM Company plans to invest $12mln to gold extraction field of Armenia.
Besides, Armenian government carries negotiations with World
Bank International Finance Cooperation and other foreign banks
to involve new investments to the gold extraction in occupied
Azerbaijani territories. Canadian company has invested $22.1mln to
the gold extraction in occupied lands up to last year. In general FDM
allocated $4mln for geological exploration in Armenia and occupied
Azeri territories.
Soyudlu field is in the territory of Kelbejer region of which 73%
has been occupied by Armenia.
The exploitation of the field had been stopped in 1992. It was
restored by the US experts in 1996. They found out 40t gold in the
field. Armenian Industry and Tourism Minstry signed an agreement worth
63.3mln with FDM in September 1997. Markus Randolph, "Sterlite Gold
LTD," owns the assets of FDM. FDM acquired a 50% stake in Armenian
state organization "Ararat Gold Recovery Company" in 1998 and began
gold extraction. The company acquired the rest 50% stake in 2002
and became a wholly owner of Armenian company. 1200 FDM officers are
working in the occupied lands and in Armenia. Their average monthly
salary is $150-190. Most of entrepreneurs are Indians, Ecology and
Tourism Ministry told APA.
URL: http://www.today.az/news/business/36889.html
From: Emil Lazarian | Ararat NewsPress