Discrepancy between “First Dynasty Mines� Company of Canada and Armenian Government

Discrepancy between “First Dynasty Mines� Company of Canada and Armenian Government
# 31 October 2006 14:38 (UTC +04:00)
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 /APA/

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