Armenia Expected to Produce 18 Tons of Gold in 2000

YEREVAN (Noyan Tapan)Global Gold Armenia is expected to extract 18 tons of gold from mines in Ararat by the year 2000. Global Gold Armenia Ltd.’s shareholders are "Armgold" special enterprise and the US based "Global Gold" Company.

According to the Head of the Armenian Industry Ministry’s Mining Department Sergey Hovakimian–it is possible to produce 6 tons of gold a year from which Armenia will receive 33 percent of the total profit–while the rest of the profit will go to foreign investors. The project will require a $10 million investment. Hovakimian reported that the Armenian-US joint venture plans to implement a more extended project under which about $200 million will be needed. According to the plan–two new gold ore processing plants are to be constructed which will allow the increase of gold production to 90 percent. It is expected to produce 5 tons of gold per year and then gradually increase the output to 13 tons.

By the year 2000 Armenia is expected to produce 18 tons of gold per year. If this goal is reached–Armenia will rank 13th in the world in tons of gold produced–according to Hovakimian.

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