Tweet
IBERIAN RESOURCES INVESTS $10 MLN IN ARMENIAN MINING INDUSTRY
Interfax News Agency
Russia & CIS Business and Financial Newswire
March 5, 2007 Monday 3:16 PM MSK
Australia's Iberian Resources has invested around $10 million in
Armenia's mining industry in the last 18 months, Manvel Bagratian,
the head of the company's Armenian office, told Interfax.
Most of the money was invested in the exploration of the Terterasar
gold deposit in the Siunik district and the nearby Lichkvaz-Tei
deposit.
Bagratian said the company planned to increase investment in Armenia
following its merger with Australia's Tamaya Resource on February 28,
2007. Tamaya Resource develops gold and copper deposits in Chile.
Bagratian said that the merger would expand Iberian's projects in
Armenia and grant it access to Tamaya's gold and copper projects
in Chile. Iberian could participate in other projects in Armenia,
besides Terterasar and Lichkvaz-Tei.
Management at Iberian Resources had not altered as the result of the
merger. The company's market cap is now $200 million.
Iberian Resources and America's Global Gold Corporation (GGC) have
formed the 80%/20% Aigedzor Mining Company to implement the Terterasar
and Lichkvaz-Tei projects.
Aigedzor Mining Company is the sole owner of the Sipan-1 mining
enterprise, which holds the licenses to these fields.
Iberian Resources consolidated full ownership of the joint venture
after buying the remaining 20% from GGC on December 19, 2006.
Interfax News Agency
Russia & CIS Business and Financial Newswire
March 5, 2007 Monday 3:16 PM MSK
Australia's Iberian Resources has invested around $10 million in
Armenia's mining industry in the last 18 months, Manvel Bagratian,
the head of the company's Armenian office, told Interfax.
Most of the money was invested in the exploration of the Terterasar
gold deposit in the Siunik district and the nearby Lichkvaz-Tei
deposit.
Bagratian said the company planned to increase investment in Armenia
following its merger with Australia's Tamaya Resource on February 28,
2007. Tamaya Resource develops gold and copper deposits in Chile.
Bagratian said that the merger would expand Iberian's projects in
Armenia and grant it access to Tamaya's gold and copper projects
in Chile. Iberian could participate in other projects in Armenia,
besides Terterasar and Lichkvaz-Tei.
Management at Iberian Resources had not altered as the result of the
merger. The company's market cap is now $200 million.
Iberian Resources and America's Global Gold Corporation (GGC) have
formed the 80%/20% Aigedzor Mining Company to implement the Terterasar
and Lichkvaz-Tei projects.
Aigedzor Mining Company is the sole owner of the Sipan-1 mining
enterprise, which holds the licenses to these fields.
Iberian Resources consolidated full ownership of the joint venture
after buying the remaining 20% from GGC on December 19, 2006.