13:32, November 5, 2010
Raises possibility of revoking operating license
At a press conference today to discuss results of its recent investigations, RA Control Chamber President Ishkhan Zakaryan singled out irregularities in the operations of GeoProMining Gold Ltd at its gold mines at Sotk (Gegharkunik) and Meghradzor (Kotayk).
Mr. Zakaryan said that his agency had studied the contract with the GPM Gold, a subsidiary of GeoProMining Ltd., to gauge whether the company had met its obligations.
He stated that the Control Chamber was right in raising the possibility of revoking the company’s operating license.
The Control Chamber President stated that the natural resources being mined belonged to the state and that any violation was prosecutable.
Mr. Zakaryan said that the Control Chamber had not yet sent the case to the Prosecutor’s Office since the investigation was still underway. He added that, if and when necessary, they would had over their findings to the Prosecutor’s Office.
"We have limited ourselves to raising the issue of revoking the license and the need to investigate other related matters," said Mr. Zakaryan.
He avoided mentioning the names of GeoProMining Gold’s owners, arguing that doing so would just lead to subjective speculation and rumor.
When asked if the company had been investigated in the past, Mr. Zakaryan answered, "I really can’t say, but in the past three years we have never relied on the findings of another organization."
GeoProMining, whose corporate headquarters are located in Moscow, also owns the Agarak Copper-Molybdenum Combine in Armenia.
Armenia’s Control Chamber Singles Out GeoProMining for Violations