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“Sberbank Capital” Obtained 49% of Gold Mining Company in Armenia

“Sberbank Capital” Obtained 49% of Gold Mining Company in Armenia
17:14 July 16, 2012

novostink.ru

Russian “Sberbank Capital” LLC (subsidiary of “Sberbank Russia” CJSC) obtained 49% of shares of the company owning Lusajur gold project in Kotayq Region, Armenia. The license for development of Lusajur mine is owned by “Paramount Gold Mining” CJSC registered in Armenia, while the owner of remaining 51% shares is Armenian businessman Tigran Arzakantskian.

The industrial development of the mine located 70 km from Yerevan is planned to be launched in the late 2012. Gold reserves make up 18.5 tons under C1+C2 categories. After switching to full development in the late 2013, it’s planned to annually extract 0.7-1.0 tons of gold. An ore processing plant with a production capacity of 150,000 tons of ore per year has already been constructed in the frames of this project. At present, it’s time to obtain equipment for underground extraction, the construction of roads and other infrastructures are about to begin. Lusajur mine is located in Hanqavan region.