Armenian Gold Deposits Worth $16.3 Billion

An estimated 670 kg of gold per year can be extracted in Armenia

YEREVAN (Arka)—Proven reserves of gold in  Armenian deposits are estimated to be worth more than $16.3 billion, Hrachia Avakian, a leading specialist from the Institute of Economics of the National Academy of Sciences, said to a news conference today.

He said the projected value of these resources is about $24.7 billion. According to him, Armenia has eight proven deposits of gold, the largest being in Sotk.

Avakian also said that there are six proven fields with gold and polymetallic reserves, which can be exploited for another 300 years, producing each year 1,800 tons of copper, 5,300 tons of lead, 7,300 tons of zinc, 670 kg of gold, 70 tons of silver, 2,300 tons of cadmium, 11 tons of bismuth, 18 tons of selenium, and many other metals, as well as several thousand tons of sulfur and iron.

“The value of proven gold and polymetallic reserves in Armenia exceeds $19.4 billion,” Avakian said.


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  1. bigmoustache said:

    hratchia? bad enough some Armenians are naming their children odar names (as if 5000+ years of Armenian history didn’t give us enough names to choose from) but do they have to change Armenian names to sound foreign? I know this is unrelated but its the second time im reading hratchia/hratchya and its really annoying. the name is HRATCH!!

    • Armenag said:

      Dear Bigmoustache,
      your concern is respectable,
      but before making a claim, be sure it is correct.
      Hratchia is an armenian name, as much as Hratch.

      Indeed, not only is it armenian,
      it’s also the name of the most prominent armenian linguist – Hrachia Adjarian (Հրաչեայ Աճառեան).

      Also, he has written an exhaustive book on Armenian names, 5 massive volumes.
      You might guess what the dictionary is named – Հրաչեայ Աճառեան-Հայոց անձնանուններու բառարան:


  2. AraK said:

    Good news for our crook government. Oligarchs will make more money!!!

  3. Ardavast Avakian said:

    Dear Sirs:
    I wish to communicate with Hrachia Avakian in Armenia.. Is there an Email for him?
    Most important.


  4. Berge Minasian said:

    Great news! I can hardly wait to see who they will give it to. Surely it won’t be applied to ehance the quality of life for the masses. It’s time for the Diaspora leadership to find a method of inserting themselves into the Homeland agenda. How much longer are we goig to stand by and watch as the pols give the nations wealth away. It’s insane. We simply keep watching and they keep their agenda moving forward and we get frustrated because nothing much good happens for the citicens. If we are going to witness change, it’s going to be because we changed something.

  5. Parsik said:

    just a thought!, what is the Mr.Avakian’s appraisal of overall nature of Republic of Armenia?, how much he will estimate in dollars worth of our unique woodlands and alpine pasturelands, sparkling springs and fresh water resources, our endangered unique Caucausian fauna and flora, and all other nature goodies which reflect themselves directly in overall health status of our people?, because when these things are exploited and abused, surely they will never flourish again in ages to come.

  6. Hratch said:

    Bad News! This only means that the oligarchy is there to stay. No way will they let go of such riches. They will dig in their heels more than ever and corruption will continue to run rampant for the next 300 years!

  7. GeorgeMardig said:

    WOOOOOW, Good news to President Serg Sarkissian and his Mafia clan

  8. Mihran said:

    Almost all will end up in the pockets of our corrupt politicians/oligarchs,as no tangible benefit will come out to improve the dismal conditions that this corrupt regime has put the population under.

  9. Random Armenian said:

    Yes but the gold will be dug up by foreign companies who will simply take the gold away and Armenia will see very little profit from it. On top of that, mining gold produces hazardous wastes. When gold is involved in a country which has yet to properly enforce environmental and corruption laws, I see much to be worried about. This gold should stay put until a system is set up where Armenia benefits the most from it. This is also the future generation’s wealth as well.

  10. Armenian said:

    I doubt that the people of armenia will see a penny there are o many necks in armenia that need to get thicker…:(

  11. Kevo said:

    Goodbye Armenia! Your so-called freedom is the final nail in your coffin. As your lands are raped, your population exported, air and water poisoned and a handful of greedy fools fill collective pockets. You have survived the centuries fighting off assimilation, war, Genocide and now you will finally be laid to rest as your borders crush in from all sides. Alas, you have endured the onslaught from the Persians, Turks, Kurds, Azeris and now you can rest in peace in a hole dug by your own caretakers. Armenian pride smothered by suicide. Now even God cannot save you as the Mother See of Holy Etchmiadzin has been devoured by the same hyenas that have consumed the country. Please somebody tell me I am wrong, misinformed. Please somebody slap me for speaking such words. Please!

    • bigmoustache said:

      sad but so true. and all of us Armenians and my beloved ARF are to blame, as long as we allow this to continue. we need a new operation nemesis

    • GB said:

      Oligarchs are the latest modern traitors, where too many of them are in sheep or holy clothing, raping Armenia inside out. Steal money and transfer them with fake names to Swiss bank account on daily bases!!