First Dynasty Mines May Rethink Volume of Investment

YEREVAN (Noyan Tapan)–First Dynasty Mines–the Canadian founder of the "Ararat Gold Mining Company" J.V.–is considering the possibility of reducing investmen’s to $10 million from the initially contracted $40,380,000 in view of some financial difficulties–Director of the Armenian Gold enterprise [the Armenian co-founder] Sabir Stepanian announced.

Investmen’s were planned for the Sotk mine to go into operation as well as for the purpose of constructing a new gold mining and processing enterprise in Ararat. If it happens so that First Dynasty Mines reviews its investment programs in Armenia–under the contract with this company–the Armenian government is entitled to renegotiate the terms of the contract.

Investmen’s made so far–according to Stepanian–are not enough to develop gold-fields in projected volumes and to re-equip the Ararat gold mining and processing factory.


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