Armenian government, Global Gold Mining company to sign amicable agreement
29.09.2007,
00:01
The RA Government and the Global Gold Mining Company are to sign an amicable agreement, said RA Ministry of Ecology Aram Harutyunyan.
YEREVAN, September 28. /ARKA/. The RA Government and the Global Gold Mining Company are to sign an amicable agreement. RA Ministry of Ecology Aram Harutyunyan stated that the ministry sent the results of its inspections to the RA Prosecutor General’s Office, which is now conducting negotiations with the company.
“According to preliminary information, the sides arranged to sign am mamicable agreement,” the Minister said.
On August 30, the RA Government and the Global Gold Mining Company signed an agreement on termination of the arbitration at the International Center for settlement of investment disputes.
The US Global Gold company, which is extracting gold and developing mines in Armenia, applied to the International Center this March for arbitration proceedings to be initiated against the RA Government. The company claimed that the RA Government was impeding its activities, denying the prolongation of a license for deposit development thereby violating the investment commitments between the USA and Armenia.
Global Gold Mining was developing the Ankavan gold deposit, and was carrying out exploration work at the Getik ore deposit in the Gegharkunik region, Armenia. The company was also carrying out geological prospecting at the Marjan gold and metalliferous deposit in the Syunik region, Armenia, Tukhmanuk gold deposit, Aragatsotn region, Armenia.
Late in 2006, the RA Ministry of Nature Protection deprived the company of its license for exploration work at the Marjan deposit as the latter failed to execute its commitments. --0--
“According to preliminary information, the sides arranged to sign am mamicable agreement,” the Minister said.
On August 30, the RA Government and the Global Gold Mining Company signed an agreement on termination of the arbitration at the International Center for settlement of investment disputes.
The US Global Gold company, which is extracting gold and developing mines in Armenia, applied to the International Center this March for arbitration proceedings to be initiated against the RA Government. The company claimed that the RA Government was impeding its activities, denying the prolongation of a license for deposit development thereby violating the investment commitments between the USA and Armenia.
Global Gold Mining was developing the Ankavan gold deposit, and was carrying out exploration work at the Getik ore deposit in the Gegharkunik region, Armenia. The company was also carrying out geological prospecting at the Marjan gold and metalliferous deposit in the Syunik region, Armenia, Tukhmanuk gold deposit, Aragatsotn region, Armenia.
Late in 2006, the RA Ministry of Nature Protection deprived the company of its license for exploration work at the Marjan deposit as the latter failed to execute its commitments. --0--
