GPM Gold denies Armenian control chamber’s accusation of damaging state
18.11.2010,
23:57
The Armenian Control Chamber’s statement about alleged losses caused to the state by GeoProMining Gold (GPM Gold) is absolutely groundless, the company’s press office reported on Thursday.
ЕРЕВАН, 18 ноября. /АРКА/. The Armenian Control Chamber’s statement about alleged losses caused to the state by GeoProMining Gold (GPM Gold) is absolutely groundless, the company’s press office reported on Thursday.
On November 5, the chamber proposed the government to consider the issue of illegal development of Sotk and Meghradzor gold mines by GPM Gold over the period between 2004 and 2008. The chamber says the company then developed these mines without any license.
“Reference of CC to part 5 of article 61 of Code of the Republic of Armenia ''On Subsoil'' is totally inappropriate, as the company had not implemented 1) a selective treatment of the deposit, 2) did not represented distorted information (including on the mined and lost-in-the- subsoil reserves), which led to deterioration of the deposit or full or partial exclusion of the possibility of its further use,” the company says in its press release. “Consequently, the conclusion that the Company has caused the State losses, which must be refunded, is absolutely groundless.”
GeoProMining Gold is a member of Russian GeoProMining Group. GeoProMining bought 100% of Sterlite Gold Ltd from Vedanta Resources international company in September 2007.
Sterlite Gold Ltd is the sole owner of AGRC (Ararat Gold Recovery Company). Now AGRC is renamed GPM GOLD (GeoProMining Gold). --0--
On November 5, the chamber proposed the government to consider the issue of illegal development of Sotk and Meghradzor gold mines by GPM Gold over the period between 2004 and 2008. The chamber says the company then developed these mines without any license.
“Reference of CC to part 5 of article 61 of Code of the Republic of Armenia ''On Subsoil'' is totally inappropriate, as the company had not implemented 1) a selective treatment of the deposit, 2) did not represented distorted information (including on the mined and lost-in-the- subsoil reserves), which led to deterioration of the deposit or full or partial exclusion of the possibility of its further use,” the company says in its press release. “Consequently, the conclusion that the Company has caused the State losses, which must be refunded, is absolutely groundless.”
GeoProMining Gold is a member of Russian GeoProMining Group. GeoProMining bought 100% of Sterlite Gold Ltd from Vedanta Resources international company in September 2007.
Sterlite Gold Ltd is the sole owner of AGRC (Ararat Gold Recovery Company). Now AGRC is renamed GPM GOLD (GeoProMining Gold). --0--
