GeoProMining New Project To Increase Company Revenues, as Well as Environmental Damage
GeoProMining Company has disseminated a statement through ArmInfo News Agency that it has finished updating the technical platform for Zod mine. The statement also mentions the obtained equipment and the funds spent - US million. As the company press service informed ArmInfo, this upgrade will provide for expanded exploration of the Zod field, which is required as the innovative Albion technology will be launched at the Ararat gold extraction plant In 2011- 2012 the company purchased more than 30 units of mining equipment, and built a modernised fuel and lubricants storage facility and machine maintenance premises. The budget of this project exceeds US $ 45 million, but under General Director Vladimir Kozlov, its total budget will exceed USD 100 million.
For our part it should be mentioned, this project has received the positive opinion of the environmental expertise, though the project includes ore processing activites in Sevan basin prohibited by RA Law 'On Lake Sevan.'
Before gaving been issued the expertise opinion, GPM Gold had constructed a crushing and sorting plant in Sotq. The obtained concentrate is transferred to Ararat plant, while the barren rock containing heavy metals are dumped along the transboundary highway, which is called road coating enhacement in the project. The project doesn't mention anything about compensating damage caused to environment by the company.