Wednesday, 13 November

Armenian Prime Ministerial Adviser and His Russian Partners Take Control of Khdebants Gold Mine

DF Mining has been granted a license to explore 354 hectares of the Khdebants gold mine in Armenia’s southern Syunik Province.

DF Mining Ltd. was created by Armenian MP Mher Sedrakyan and Davit and Artak Khachatryan (the sons of Artzrouni Khachatryan, a former district council head of Adjapnyak now deceased)

The company was registered in March 2013 and in December AD-Metals Ltd. became its sole owner. One of the owners of AD-Metals is Hamlet Hovsepyan, an adviser to Armenia’s prime minister. AD-Metals is gearing up to operate the Meghrasar gold and copper mine.

According to the Ministry of Justice’s Registry of Legal Entities, two Russian companies registered at the same address equally share 50.2% of AD-Metals. Of the remaining 49.8%, 45% is owned by Ventmine Ltd. (an Armenian firm) and 4.8% by Karen Hovsepyan.

Ventmine is largely a family business of prime ministerial adviser Hamlet Hovsepyan. Hovsepyan senior and his two sons, Vardan and Karen, each own 30%. The remaining 10% is owned by Hayk Mezhlumyan, a resident of Abovyan. Mezhlumyan, a friend of Hovsepyan’s, serves as executive director at AD-Metals.

Hamlet Hovsepyan told Hetq that his family acquired the company in order to expand the plant and territory envisaged for the Meghrasar gold mine.

“Since a plant is being built there, now we are constructing a factory to extract other metals. That why we acquired it as well,” he said, adding that exploratory work to locate new gold veins at Meghrasar will begin in the spring.


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