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BAKU: Discrepancy Between Canada's "First Dynasty Mines" Company And

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  • BAKU: Discrepancy Between Canada's "First Dynasty Mines" Company And

    DISCREPANCY BETWEEN CANADA'S "FIRST DYNASTY MINES" COMPANY AND ARMENIAN GOVERNMENT

    Today, 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.

    URL: http://www.today.az/news/business/32024.html
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