GeoProMining to sue Auditing Chamber for ‘illegal actions’

YEREVAN, November 5, /ARKA/. In a swift retaliation to a proposal made today by Armenian Auditing Chamber that the government halt the development of two gold mines by GeoProMining company, the latter said it will sue the Auditing Chamber for ‘illegal actions’.

Ishkhan Zakarian, head of the Auditing Chamber, told a news conference today that an inspection at Sotk and Meghradzor mines in Gegharkunik and Kotayk provinces, developed by GeoProMining, revealed a string of grave breaches.

In a statement the GeoProMining’s press service said the company disagrees strongly with the conclusions of the Auditing Chamber, which ‘damage its international image and therefore, it will sue the Chamber for illegal actions.’

‘Unfortunately the Auditing Chamber’s report containing many legal and other mistakes, was made public with some mass media outlets using it as a source for their stories which are inconsistent with the real state of things,’ the statement said.

It said during the inspection process GeoProMining had voiced its readiness to cooperate with the Auditing Chamber and provided it with access to all database.

“GeoProMining believes that the Auditing Chamber does not possess enough material and personnel resources to make a correct analysis of the company’s activities. The inspection was conducted by incompetent employees who made wrong conclusions. GeoProMining was audited by international auditing companies and all the statements alleging that it is not transparent do not correspond to reality,’ it said.

GeoProMining is an international privately-owned diversified metals resource holding company with a portfolio of exploration and mining projects. The company was founded in 2001 and is focusing on gold, silver, copper, molybdenum, antimony and other metals. Its major assets in Armenia are GPM GOLD, developing Sotk gold mines in Gegharkunik province, Ararat gold recovery plant and Agarak copper and molybdenum combine.-0-