SINGAPORE (Azg)First Dynasty Signs Ltd. of Singapore signed an agreement with the Global Gold corporation and its Armenian business partner–Global Gold Armenia Ltd. on developing a gold processing industry in Armenia.
Global Gold Armenia–a joint-stock company of the Armgold state enterprise–is part of the Armenian Ministry of Industry.
A gold processing plant–with a 50 percent share held by Global Gold Armenia–will be built as part of the first stage of the agreement. Further stages of cooperation include improvement and extension of the gold mining plants in Zod and Meghradzor–which are estimated to contain 5.9 million ounces of gold.
The agreement stipulates gold production in Armenia will reach 300,000 ounces by 1999. Annual gold production is expected to be approximately 24,000 ounces starting in September. Construction of the processing plant will start immediately.