Dark Games around Svarants Mine

EcoLur

All the attempts to cover Svarants iron mine development are still to no avail. One of the attempts was Goris Aarhus Center Coordinator Never Poghosyan’s enquiry to Energy and Natural Resources Ministry to provide information about the operation of Fortune Oil Company in Svarants Mine. 

The correspondence took place in April 2011, when it was known for several months that Svarants, Abovyan and Hrazdan iron mines will be developed by “Fortune Oil” Company. “Fortune Oil” Company was purchased by “Bounty Resources Armenia” Company, which administers Svarants, Abovyan and Hrazdan iron mines in Armenia, 35% shares. In its turn,   “Bounty Resources Armenia” is one of the chains in the financial row, which is obvious in the transaction with Fortune Oil, which hides those companies (particularly Nagin) which aimed to make profit from the mines from the very beginning. As the ministry reply shows, Nagin and 'Spice Steel Armenia' companies were issued permits for prospecting in Svarants mine. Bu the ministry letter doesn't say a word that “Fortune Oil” Company will implement the development of Svarants mine.

October 18, 2011 at 14:51