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NEWS » Economy » Fortune oil pledges $0.5 billion investments in Armenia
Economy

Fortune oil pledges $0.5 billion investments in Armenia

24.02.2011, 01:02
Armenian prime minister Tigran Sarkisian received today a delegation of Chinese Fortune Oil company headed by its executive vice president Daniel Chu, the government press office said. It said Chinese’s ambassador to Armenia, Tian Ziang Chu was also in at

YEREVAN, February 23, /ARKA/. Armenian prime minister Tigran Sarkisian received today a delegation of Chinese Fortune Oil company headed by its executive vice president Daniel Chu, the government press office said. It said Chinese’s ambassador to Armenia, Tian Ziang Chu was also in attendance. Prime minister Sarkisian was quoted as saying that the government emphasizes investments in Armenia’s mining sector and assess highly the large scale investment program presented by the company.

Daniel Chu said the company will make a $500 million investments in Armenia in two phases. He said the investments will create new jobs, introduce new technologies along with implementation of projects to strengthen human and community resources in conformity with best nature protection measures.

In mid-January Fortune Oil, listed on the London Stock Exchange said it paid US$24 million for a 35% equity interest in BRAL, a company which controls three iron ore mines in Armenia. The licences to the three Armenian mines are owned by Nagin LLC (a locally incorporated entity) which in turn is a 72% subsidiary of Caspian Bounty Steel Limited, an 83.3% subsidiary of BRAL.

Under the agreement, Fortune Oil has the option to invest a further US$16 million for an additional 15% of BRAL, which would take the entire investment amount for the 50% stake to US$40 million. BRAL currently only has one other shareholder, Bounty Investment Holdings Limited, an investment holding company in various energy/resource projects globally. The acquisition is being effected through Giant Global Development Limited, a subsidiary of Fortune Oil. Prior to exercising the Option, Fortune Oil's effective equity interest in the three Armenian mines is 33% which after Option exercise increases to 42%. The investment in BRAL is in-line with Fortune Oil's recent launch of its Resources Strategy, focused on actively pursuing overseas investment opportunities to capitalise on the demand for energy and resources in China, which was announced on 18 November 2010. The three iron ore mines are located in the Armenian cities of Hrazdan, Abovyan and Svarants and have proven, probable and inferred reserves of 77 million tons (Hrazdan), 255 million tons (Abovyan) and 1,500 million tons (Svarants) which have been confirmed by Russian standards and a July 2010 Minarco-Mineconsult desktop assessment.-0--
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