Armenian government to ban fragmentation of mineral deposits
11.06.2020,
16:49
A package of amendments to the Subsoil Code, the Bankruptcy Law and some related laws, approved today by the government of Armenia, will ban fragmentation of mineral deposits or sites.
YEREVAN, June 11. /ARKA/. A package of amendments to the Subsoil Code, the Bankruptcy Law and some related laws, approved today by the government of Armenia, will ban fragmentation of mineral deposits or sites.
Territorial Administration and Infrastructure Minister Suren Papikyan said some deposit developing companies would split the deposit into sections, which allowed them to develop only the most efficient sections. He said the proposed changes would exclude the possibility of such fragmentation.
According to the minister, when the amendments approved and signed into law, mining permits will be issued only for metal deposits, whose reserves have been evaluated and approved over the past 5 years. Mining permits for non-metal deposits will be issued only for deposits, whose reserves have been assessed and approved over the past 10 years.
He said this is done so that entrepreneurs who really want to invest in the development of a mineral deposit, first conduct an appropriate study of it, since the latest studies of Armenia's mineral reserves had been carried out in the 1950s.
'We are not saying that that data is incorrect, but in the modern world, such information requires updating and clarification,” he said.
Papikyan noted that one of the amendments proposes cutting the period of operation of a metal deposit from 50 to 25 years and that of non-metal deposit to 15 years. --0--
Territorial Administration and Infrastructure Minister Suren Papikyan said some deposit developing companies would split the deposit into sections, which allowed them to develop only the most efficient sections. He said the proposed changes would exclude the possibility of such fragmentation.
According to the minister, when the amendments approved and signed into law, mining permits will be issued only for metal deposits, whose reserves have been evaluated and approved over the past 5 years. Mining permits for non-metal deposits will be issued only for deposits, whose reserves have been assessed and approved over the past 10 years.
He said this is done so that entrepreneurs who really want to invest in the development of a mineral deposit, first conduct an appropriate study of it, since the latest studies of Armenia's mineral reserves had been carried out in the 1950s.
'We are not saying that that data is incorrect, but in the modern world, such information requires updating and clarification,” he said.
Papikyan noted that one of the amendments proposes cutting the period of operation of a metal deposit from 50 to 25 years and that of non-metal deposit to 15 years. --0--
