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RUSSIA FREEZES INVESTMENTS IN MINING INDUSTRY IN ARMENIA
ArmInfo
2010-01-20 14:55:00
ArmInfo. Russia has frozen investments in the mining industry in
Armenia for indefinite periods because of the global economic crisis,
Aleksander Zaycev, Trade Representative of Russia in Armenia, said
in a press conference on Tuesday.
He said Russia has particularly suspected the projects of investments
in geological exploration of the uranium deposits in Armenia and
development of Tekhut copper and molybdenum deposit with participation
of the VTB Bank. "There is no progress yet. These projects are
suspended for indefinite periods," he said.
Earlier in April 2009 the Armenian-Russian Mining Company was licensed
to conduct geological exploration of deposits in Armenia for 5 years.
Specialists forecast 10-60,000 tins of uranium reserves in Armenia.
Recovered uranium is to be processed at the International Center in
Angarsk, Russia. In 2007 VTB Bank signed a credit with the Armenian
Copper Project for $257 million to develop Tekhut deposit.
ArmInfo
2010-01-20 14:55:00
ArmInfo. Russia has frozen investments in the mining industry in
Armenia for indefinite periods because of the global economic crisis,
Aleksander Zaycev, Trade Representative of Russia in Armenia, said
in a press conference on Tuesday.
He said Russia has particularly suspected the projects of investments
in geological exploration of the uranium deposits in Armenia and
development of Tekhut copper and molybdenum deposit with participation
of the VTB Bank. "There is no progress yet. These projects are
suspended for indefinite periods," he said.
Earlier in April 2009 the Armenian-Russian Mining Company was licensed
to conduct geological exploration of deposits in Armenia for 5 years.
Specialists forecast 10-60,000 tins of uranium reserves in Armenia.
Recovered uranium is to be processed at the International Center in
Angarsk, Russia. In 2007 VTB Bank signed a credit with the Armenian
Copper Project for $257 million to develop Tekhut deposit.